LTC price surges 35% this week: Is Litecoin a good investment?

adminDecember 4, 2023

LTC has been one of the best performers over the past seven days and there could be more rallies in the coming hours and days.

The cryptocurrency market is slowly recovering from the recent recession, and Litecoin is leading the way. LTC, the native coin of the Litecoin blockchain, is the best performing cryptocurrency among the top 20 cryptocurrencies by market capitalization.

At the time of reporting, Litecoin price It is at $78.90 and may bounce towards the $90 resistance level in the coming hours or days.

What is driving the price of Litecoin today?

LTC has been on the rise over the past few days despite the poor performance of the broader cryptocurrency market. The rally started a few days ago after it was revealed that it would be the next day. Litecoin Halving Event It will be held on August 3, 2023.

Litecoin halving is similar to this: bitcoin halving This is an event in which the rewards paid to miners who unlock blocks in the network are reduced by 50% every four years.

The Litecoin community is already counting down to the halving event, after which block rewards will decrease from 12.5 LTC coins to 6.25 coins per block.

LTC is up over 35% in the last 7 days and could soon record higher gains.

What is the Litecoin price outlook?

Litecoin could rise higher in the coming hours and days. Its positive performance comes as the broader cryptocurrency market recovers from a recent slump, giving Litecoin a boost.

If the bullish momentum holds, Litecoin could rebound towards the $90 resistance level in the coming hours or days. If the bull market extends, it could also move above $100. This is the first time LTC is trading above $100 since June 2022.

Litecoin technical analysis

The 4-hours chart of LTC/USD is bullish. Because Litecoin has performed well over the past 24 hours. Technical indicators show that Litecoin is outperforming the broader cryptocurrency market.

The MACD line is above the neutral zone, indicating bullish momentum. The 14-day RSI of 73 shows that LTC could soon enter overbought territory if positive momentum continues.

If the rally continues, LTC could break above the first major resistance level at $89 before the end of the day. If positive performance continues, LTC could surpass the psychological level of $100 for the first time in nearly six months.

How to Buy Litecoin?

To buy Litecoin, follow these simple steps:

Step 1: Open an eToro account:

Visit the official eToro website and open an account in minutes.

Step 2: Fund your account.

Fund your newly opened eToro account with local fiat currency. You can deposit as much as you want.

Step 3: Start Litecoin trading:

You can immediately start trading Litecoin with other cryptocurrencies such as Bitcoin or fiat currencies such as GBP or USD.

Where to Buy Litecoin Now

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