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.

Litecoin Price Spikes Again Ahead of August Halving in 23% Spike 1
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bitcoin
Bitcoin (BTC) $ 39,028.00
ethereum
Ethereum (ETH) $ 2,340.60
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 310.64
cardano
Cardano (ADA) $ 1.26
xrp
XRP (XRP) $ 0.723110
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.200277
polkadot
Polkadot (DOT) $ 14.65
binance-usd
Binance USD (BUSD) $ 1.00
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 39,028.00
ethereumEthereum (ETH)
$ 2,340.60
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 527.98
litecoinLitecoin (LTC)
$ 137.07
bitcoinBitcoin (BTC)
33.051,84
ethereumEthereum (ETH)
1.982,20
tetherTether (USDT)
0,846875
bitcoin-cashBitcoin Cash (BCH)
447,13
litecoinLitecoin (LTC)
116,08
bitcoinBitcoin (BTC)
28,129.24
ethereumEthereum (ETH)
1,686.98
tetherTether (USDT)
0.720745
bitcoin-cashBitcoin Cash (BCH)
380.54
litecoinLitecoin (LTC)
98.79

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin38,920 0.17 % 2.88 % 20.09 %
Ethereum2,335.5 0.45 % 0.39 % 15.19 %
Tether1.000 0.00 % 0.01 % 0.11 %
Binance Coin310.18 0.34 % 1.68 % 5.58 %
Cardano1.270 0.17 % 1.40 % 6.72 %
XRP0.7212 0.15 % 1.55 % 21.19 %
USD Coin0.9997 0.16 % 0.20 % 0.29 %
Dogecoin0.2000 0.13 % 4.31 % 4.38 %
Polkadot14.60 0.01 % 3.84 % 10.11 %
Binance USD0.9990 0.38 % 0.33 % 0.36 %

bitcoin
Bitcoin (BTC) $ 38,994.00
ethereum
Ethereum (ETH) $ 2,343.83
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 311.26
cardano
Cardano (ADA) $ 1.27
xrp
XRP (XRP) $ 0.720704
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.200407
polkadot
Polkadot (DOT) $ 14.68
binance-usd
Binance USD (BUSD) $ 1.00