The price of LTC has surged over 27% since Thursday as the one-month countdown to the Litecoin halving begins.

Litecoin has been trending on social media as the asset approaches the halving event. Meanwhile, LTC has emerged as one of the best-performing tokens of the past week.

Bullish Signs for LTC Price

After initially breaching $100 on Friday, LTC has maintained trading over the key area of resistance since.

As a BeInCrypto technical analysis observed, the cryptocurrency shows bullish tendencies and could be close to converting the $100 resistance into support. This could lead to a major breakout and sustained bull run that may see the token hit $130 in the near future.

Litecoin LTC/USDT Price Chart. Source: Tradingview
Litecoin LTC/USDT Price Chart. Source: Tradingview

As the blockchain analytics firm Santiment has noted, LTC price spikes on Friday coincided with peaks in social activity volume. In other words, as Litecoin hype levels rise in anticipation of the blockchain’s halving event, there is a surge in demand for the asset. 

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Author: James Morales

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