3 reasons why Litecoin price has risen for 7 days straight
Litecoin price has drifted upwards in the past seven days straight.
The coin has more than doubled from its lowest point in 2022.
Litecoin halving countdown is continuing.
Litecoin price has not been left behind in the ongoing recovery of cryptocurrencies. LTC has risen in the past seven days straight and is now trading at $84.57, the highest point since June 10th. It has jumped by more than 17% from the lowest point this month.
Litecoin is not a security
There are three main reasons why LTC price is surging. First, Litecoin is getting ready for the upcoming halving event, which is scheduled for August 2nd of this year. Halving is a situation where the total rewards offered to miners are reduced by half.
For Litecoin and Bitcoin, the halving event happens after every four years. And in most periods, Bitcoin and Litecoin prices tend to rally ahead of a halving event, which explains why LTC has jumped by over 105% from the lowest level in 2022.
Second, Litecoin price is rising after a new Wall Street-backed crypto exchange included the coin in its offerings. EDX Markets, which is backed by Citadel Markets, Schwab, and Fidelity, was launched on Tuesday. Unlike other exchanges, it is offering four coins: Bitcoin, Litecoin, Ether, and Bitcoin Cash. It also offers non-custodial services, meaning that it does not handle or store cryptocurrencies.
Third, LTC price is rising because of the recent moves by Blackrock and Deutsche Bank. Last week, Blackrock announced that it had filed for the iShares Bitcoin Trust, which will be the only spot BTC ETF. Other companies like WisdomTree and VanEck have also expressed interest in the fund.
Deutsche Bank, on the other hand, announced that it had filed for crypto custodial license. This is notable since this is the biggest bank in Germany and the 9th biggest one in Europe. Therefore, this crypto news have helped to ameliorate the recent worries on regulations.
Litecoin price prediction
The daily chart shows that the LTC price has risen in the past seven straight days. This recovery started when the coin dropped to the key support level at $71.32, which was slightly above the lowest point on March 11th.
Litecoin remains below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved above the neutral point of 50. Therefore, I believe that the coin has some more upside until it becomes overbought. This means that it could rise to the next resistance point at $90. A move above $90 will see it rise to the next level at $100.
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