Litecoin Price Spikes Again Ahead of August Halving in 23% Spike

Even a tweet of a Litecoin-hating influencer could not stop it from registering its most profitable day in three weeks.

The world’s fourth-largest largest cryptocurrency established an intraday top of $95 after ballooning by more than 23 percent in the previous 24 hours. The surge appeared after American football team Miami Dolphins made Litecoin (Ticker: LTC) its official cryptocurrency. The collaboration will allow fans to pay for the team’s 50/50 raffle via Litecoin, and as well via Bitcoin.

Double the Bulls

The announcement escalated Litecoin’s bullish bias as the cryptocurrency prepares to undergo a supply cut on August 6 this year. The so-called halvening event will reduce the blockchain reward on Litecoin blockchain by half – from 25 LTC to 12.5 LTC. That would prompt miners to add less LTC units to the cryptocurrency ecosystem. The deflationary nature of the entire process makes Litecoin an ideal asset to hold.

litecoin, ltc usd
LTC is Trading 220% Higher on a Year-to-Date Scale | Source: TradingView.com, Coinbase

Mati Greenspan of eToro discussed the impact of halvening events on cryptocurrencies in a Bloomberg interview. The senior financial analyst recalled the exponential upside actions in both the Bitcoin and Litecoin markets following their supply rate cuts.

“So, if that pattern continues, what we’ve seen so far is small potatoes in comparison,” he added. “This is quite normal for the crypto market.”

But not everybody agrees. Francis Pouliot, co-founder & CEO, tweeted on Thursday that Miami Dolphins is becoming complicit in a scam run by Litecoin Founder Charlie Lee.

Litecoin is Trending Downwards

litecoin, ltc usd
LTC Bull Bias Not Confirmed | Source: TradingView.com, Coinbase

Despite the medium-term bullish calls, the litecoin price continues to trend downwards, capped by a rigorous resistance trendline depicted via black in the 4H chart above. Unless the price breaks above it, the fear of an extended bearish correction looms.

In the near-term price action, litecoin could close above the interim resistance level of $95.88 to test the $105.47 level for a brief pullback. Nevertheless, jumping above 105 would also take price above the descending trendline. If the break gets accompanied by a surge in 4H volume, then the LTC price could extend its upside momentum towards the $126.91 level.

At the same time, the $64.86 appears like the primary downside target for bears should the fall continues.

Click here for a real-time Litecoin price chart.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin50,641 0.25 % 1.25 % 11.17 %
Ethereum4,366.0 0.54 % 0.08 % 5.85 %
Binance Coin576.40 0.30 % 2.44 % 7.64 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Solana190.16 0.81 % 4.58 % 8.89 %
Cardano1.380 0.67 % 5.15 % 11.17 %
USD Coin1.000 0.14 % 0.20 % 0.17 %
XRP0.8259 0.58 % 1.46 % 17.22 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Terra68.09 0.46 % 1.12 % 15.16 %

bitcoin
Bitcoin (BTC) $ 50,808.00
ethereum
Ethereum (ETH) $ 4,373.68
binance-coin
Binance Coin (BNB) $ 576.88
tether
Tether (USDT) $ 1.00
solana
Solana (SOL) $ 190.27
cardano
Cardano (ADA) $ 1.38
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.822213
polkadot
Polkadot (DOT) $ 29.33
terra-luna
Terra (LUNA) $ 68.13