Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
- Clearance of the $115-level could help LTC hit $130
- Open Interest rates have surged since the end of June
Litecoin [LTC] investors had an impressive June following a massive rally. LTC hiked from $72 in mid-June and extended the trend to July, hitting $115 at the time of writing. That’s an over 55% hike in less than three weeks.
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With only 30 days to Litecoin’s halving, scheduled for 3 August 2023, the event is expected to impact its network and price significantly. It will reduce the current block reward for miners from 12.5 LTC to 6.25 LTC, cushioning inflation and potentially propping LTC’s value.
Is an upswing to $130 likely?
Already LTC has seen massive value appreciation a month before the halving event. However, the price has now hit the $115-obstacle. The hurdle was also the price ceiling in the second half of April 2022.
However, the key technical indicators have been positive. For example, the RSI (Relative Strength Index) hit the overbought zone while the OBV (On Balance Volume) has increased since mid-March. It is a sign of increased buying pressure and demand.
Furthermore, the ADX (Average Directional Index) was above 20, denoting a solid uptrend on the higher timeframe. Collectively, it reinforces the long-term bullish bias so, LTC could clear the $115-zone and target the $134-resis
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Author: Suzuki Shillsalot
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