Litecoin Trying To Reach $100 Price Zone, Will This Happen?

Key Points:

• Litecoin is approaching a very close outlook at the $100 price zone as the halving event approaches.
• The LTC price is currently at the old support which it broke through in May.
• The positive signal is also reflected in the fact that the number of Litecoin wallet addresses has skyrocketed in recent times.

Bullish sentiment toward Litecoin (LTC) is rising as the network approaches its much-anticipated halving event. Bitcoin’s outperformance above the $30,000 mark is also one of the conditions that make it possible for LTC to regain its previous $100 mark.

On August 2, 2023, Litecoin will experience its third halving event, which will drop block rewards from 12.5 to 6.25 LTC. Yet, owing to Bitcoin’s volatility and unpredictable actions from US regulatory authorities, all prophecies and expectations concerning LTC pricing have failed to materialize.

As previously stated, Litecoin’s halving event is a blockchain update that happens every four years or after 840,000 blocks have been produced. This event will cut the block rewards for miners in half.

Litecoin has seen two halving events so far, in 2015 and 2019, with the third one scheduled for August 2, 2023, or after 24,646 blocks.

Currently, the LTC price is showing very positive sentiment, the recapture of the $76 support level as well as the current optimism of the market, helps LTC is currently trading above the 38.2% Fib area.

LTC price is retesting the same as it broke out earlier in May when the whole market was in the red. If this price zone is preserved and there is a positive signal before August, then $100 is entirely possible.

In addition, this upbeat attitude is mirrored in the number of new daily addresses on the blockchain, which has increased significantly in the previous week by over 55%. With this rapid increase of new addresses, Litecoin’s overall address count surpasses 200 million. With this latest milestone, the total number of LTC addresses has now exceeded Ethereum’s 180 million. It is, however, still a long way from its main competitor Bitcoin, which now has over 1 billion total addresses.

Since late April, Litecoin’s address count has increased to an all-time high, outpacing its competitors. As a consequence, the number of Litecoin addresses with balances topped that of all other cryptocurrencies in the top ten by market capitalization, including Cardano (ADA), Dogecoin (DOGE), and Polygon (MATIC).

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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Harold

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