LTC has been one of the best performers in the last seven days and could be set for more rallies over the coming hours and days.
The cryptocurrency market is slowly recovering from its recent slump, and Litecoin is leading the way. LTC, the native coin of the Litecoin blockchain, is the best performer amongst the top 20 cryptocurrencies by market cap.
At press time, the price of Litecoin is $78.90 and could rally toward the $90 resistance level over the next few hours or days.
What is driving Litecoin’s price higher today?
LTC has been rallying over the last few days despite the poor performance of the broader crypto market. The rally began a few days ago after it was revealed that the next Litecoin halving event will take place on August 3rd, 2023.
The Litecoin halving is similar to the Bitcoin halving event, where the reward issued to miners for unlocking blocks on a network is reduced by 50% after every four years.
The Litecoin community is already counting down to the halving event, which would see the block reward reduce from 12.5 LTC coins to 6.25 coins per block post-halving.
LTC is up by more than 35% in the last seven days and could be set for higher gains soon.
What’s the outlook for the Litecoin price?
Litecoin could rally higher over the next few hours and days. Its positive performance comes as the broader crypto market recovers from its recent slump, giving Litecoin a boost.
If the bullish momentum is maintained, Litecoin could rally toward the $90 resistance level over the next few hours or days. A move above $100 is still possible in the event of an extended bullish run. It would be the first time LTC is trading above $100 since June 2022.
Litecoin technical analysis
The LTC/USD 4-hour chart is bullish, as Litecoin has been performing well over the last 24 hours. The technical indicators show that Litecoin is outperforming the broader crypto market.
The MACD line is above the neutral zone, indicating bullish momentum. The 14-day RSI of 73 shows that LTC could soon enter the overbought region if the positive momentum is maintained.
If the rally continues, LTC could surge past the first major resistance level at $89 before the end of the day. In the event of an extended positive performance, LTC could move past the $100 psychological level for the first time in nearly six months.
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