Litecoin (LTC) price has been on an upward trajectory over the past seven days. This surge has seen the coin more than double from its lowest point this month. As the Litecoin halving event draws closer, let’s take a look at the reasons behind the surge and the current Litecoin price prediction.
The first factor that has helped to push the price up is the upcoming halving event. Every four years, Litecoin and Bitcoin halvings take place, reducing rewards for miners. This typically leads to a rally in prices ahead of the halving, which is what we are seeing with Litecoin now.
The second factor driving the surge is the launch of a new Wall Street-backed crypto exchange. EDX Markets, which is backed by Citadel Markets, Schwab, and Fidelity, was launched this week and offers Bitcoin, Litecoin, Ether, and Bitcoin Cash. The exchange offers non-custodial services, meaning that customers’ funds are not handled or stored by the exchange.
Third, the recent moves by Blackrock and Deutsche Bank have contributed to the price increase. Blackrock announced that it had filed for the iShares Bitcoin Trust, which will be the only spot BTC ETF. Additionally, Deutsche Bank announced that it had filed for a crypto custodial license.
The daily chart shows that Litecoin has been on a continuous upward trend over the past seven days. It started when the price dropped to the key support level of $71.32, which was slightly above the lowest point on March 11th.
Currently, the coin is trading at $84.57, the highest point since June 10th. The Relative Strength Index (RSI) has moved above the neutral point of 50, indicating that the coin could move higher. If the price breaks through the resistance level of $90, it could move up to the next resistance level of $100.
If you’re looking to buy Litecoin, then you can do so on a number of different exchanges. However, it’s important to remember to do your research and be aware of the risks before investing.
