3 reasons why Litecoin price has risen for 7 days straight

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Litecoin price has drifted upwards previously seven days straight.
The coin has greater than doubled from its lowest level in 2022.
Litecoin halving countdown is continuous.

Litecoin price has not been left behind within the ongoing restoration of cryptocurrencies. LTC has risen previously seven days straight and is now buying and selling at $84.57, the best level since June tenth. It has jumped by greater than 17% from the bottom level this month.

Litecoin isn’t a safety

There are three major reasons why LTC price is surging. First, Litecoin is preparing for the upcoming halving occasion, which is scheduled for August 2nd of this yr. Halving is a state of affairs the place the full rewards supplied to miners are lowered by half.

For Litecoin and Bitcoin, the halving occasion occurs after each 4 years. And in most durations, Bitcoin and Litecoin costs are likely to rally forward of a halving occasion, which explains why LTC has jumped by over 105% from the bottom stage in 2022.

Second, Litecoin price is rising after a brand new Wall Street-backed crypto exchange included the coin in its choices. EDX Markets, which is backed by Citadel Markets, Schwab, and Fidelity, was launched on Tuesday. Unlike different exchanges, it’s providing 4 cash: Bitcoin, Litecoin, Ether, and Bitcoin Cash. It additionally affords non-custodial providers, which means that it doesn’t deal with or retailer cryptocurrencies.

Third, LTC price is rising due to the latest strikes by Blackrock and Deutsche Bank. Last week, Blackrock introduced that it had filed for the iShares Bitcoin Trust, which would be the solely spot BTC ETF. Other firms like WisdomTree and VanEck have additionally expressed curiosity within the fund.

Deutsche Bank, alternatively, introduced that it had filed for crypto custodial license. This is notable since that is the largest financial institution in Germany and the ninth largest one in Europe. Therefore, this crypto news have helped to ameliorate the latest worries on rules.

Litecoin price prediction

The every day chart reveals that the LTC price has risen previously seven straight days. This restoration began when the coin dropped to the important thing assist stage at $71.32, which was barely above the bottom level on March eleventh.

Litecoin stays beneath the 25-day and 50-day shifting averages whereas the Relative Strength Index (RSI) has moved above the impartial level of fifty. Therefore, I consider that the coin has some extra upside till it turns into overbought. This signifies that it might rise to the subsequent resistance level at $90. A transfer above $90 will see it rise to the subsequent stage at $100.