Litecoin Is Coming Back Strong Before Halving, $100 Is Approaching

Key Points:

• The upcoming halving event for Litecoin has resulted in increased attention and network activity, with the hashrate reaching a new all-time high of 831.16 TH/s.
• Despite recent price increases and outperforming other altcoins, LTC is currently facing resistance near the $100 price zone, with the Fibonacci 78.6% retracement level posing a potential challenge.
• It is important to conduct thorough research and consider various indicators.

Litecoin (LTC) is seen as one of the most promising coins at the moment as its major halving event this year draws near. Given its incredible performance, what could be its next price zone?

As the halving event approaches, the Litecoin network receives more attention. This has resulted in an increase in the network’s hashrate as additional miners join the network. The majority of June saw substantial surges in hashrate due to the increase in mining difficulty.

On June 23, 2023, the Litecoin hashrate hit 831.16 terahashes per second (TH/s), according to CoinWarz statistics. This is a new all-time high for the network, which previously had data slightly higher than 756.26 TH/ S.

The increase in mining difficulty makes it more difficult to locate a block, thus miners must bring more computers online to boost their chances, resulting in a surge in hashrate. When additional miners are brought online, the Litecoin hashrate has reached its peak.

The good news is that Litecoin on-chain statistics show that a sizable fraction of LTC holders keeps their currency. This verified that a portion of newly bought LTC coins did not move throughout the same time period.

The price of Litecoin, which is now trading at $95 per coin, has increased by about 15% in the previous 24 hours, with several other cryptocurrencies following suit. Although most cryptocurrencies have been trending sideways in recent days, LTC has surpassed other altcoins today. Nonetheless, Bitcoin has stayed reasonably stable in the $30,000-$31,000 price area in recent days.

The spike of LTC left no support, its price is at the nearest resistance, which is confluent with the Fib 78.6% level. So, a revolution can happen until LTC reaches the $100 price zone, however, at the moment, it doesn’t make sense to buy at this price zone.

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

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News