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

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

The cryptocurrency market is slowly recovering from its recent slump, and Litecoin is on the upswing. LTC, the native coin of the Litecoin blockchain, is the best performer among the top 20 cryptocurrencies by market cap.

at press time, litecoin price There is $78.90 and there could be an increase towards the $90 resistance in the coming hours or days.

What is the price of Litecoin higher today?

LTC has been rallying over the past few days despite the poor performance of the broader crypto market. The rally started a few days back when it was learned that the next Litecoin Halving Event Will be on August 3, 2023.

Litecoin Halving Similar bitcoin halving The 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 will reduce the block reward from 12.5 LTC coins to 6.25 coins per block.

LTC is up more than 35% in the past seven days and could be set for higher gains soon.

What is the outlook for Litecoin price?

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

If the bullish momentum sustains, Litecoin could move higher towards the $90 resistance in the coming hours or days. A move above $100 is still possible in an extended bullish scenario. This will be the first time that LTC is trading above $100 since June 2022.

litecoin technical analysis

LTC/USD is bullish on the 4-hours chart as Litecoin is performing well over the past 24-hours. Technical indicators suggest 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 suggests that LTC could soon move into overbought territory if positive momentum is maintained.

If the rally continues, LTC may overcome the first major resistance at $89 before the end of the day. In case of an extended positive performance, LTC could cross the psychological level of $100 for the first time in almost six months.

How to buy Litecoin?

Follow these simple steps to buy Litecoin:

Step 1: Open an eToro Account:

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

Step 2: Fund your account:

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

Step 3: Start Litecoin Trading:

You can start trading Litecoin immediately against other cryptocurrencies like bitcoin or against fiat currencies like GBP or USD.

where to buy litecoin now


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