The price of Litecoin is rising today as traders remain optimistic about the impending halving event.
Litecoin price is up today, outperforming the broader crypto market as traders continue to stay bullish about its block reward halving event in August.
Litecoin price hits 14-month high
LTC price jumped about 8.3% on July 2 to $116, its highest since April 2022. Its week-to-date returns climbed to over 30%, making it the best week for Litecoin since November 2021.
![Why is Litecoin price up today? ee7203b5 9287 4e63 8b22 9909491fccd8](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-07/ee7203b5-9287-4e63-8b22-9909491fccd8.png?ssl=1)
![Why is Litecoin price up today? ee7203b5 9287 4e63 8b22 9909491fccd8](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-07/ee7203b5-9287-4e63-8b22-9909491fccd8.png?ssl=1)
Traders have flocked to purchasing Litecoin in the weeks leading up to its halving on Aug. 3. The event will effectively reduce Litecoin network’s mining reward per block from 12.5 LTC to 6.25 LTC and theoretically reduce the amount of new supply.
For instance, independent market analyst Crypto Tony believes Litecoin can rally toward $140 ahead of the halving. Michael van de Poppe, another analyst, expects the price to reach $200 around the event.
Each Litecoin halving preceded a volatile price rally, suggesting that a similar scenario is possible if history repeats.
EDX Markets launch, Bitcoin ETF applications
In addition to the halving, Litecoin price rallied due to its listing on EDX Markets, a new institutional crypto exchange backed by firms including Citadel Securities, Fidelity Digital Assets and Charles Schwab Corp.
Furthermore, BlackRock’s Bitcoin ETF filing with the SEC, which prompted other top financial institutions to do the same, has given Litecoin and other crypto assets a boost. LTC price has jumped over 60% since the announcement on June 15.
![Why is Litecoin price up today? f6156fa3 b17b 4120 bf84 68f380b70005](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-07/f6156fa3-b17b-4120-bf84-68f380b70005.png?ssl=1)
![Why is Litecoin price up today? f6156fa3 b17b 4120 bf84 68f380b70005](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-07/f6156fa3-b17b-4120-bf84-68f380b70005.png?ssl=1)
What’s next for LTC price?
The latest bout of buying in the Litecoin market has left it in an “overbought” state.
Notably, Litecoin’s daily relative strength index (RSI) was above 70 on July 2, raising chances of a correction in the coming days. Suppose it happens. Then LTC price could return to $100 as a test of this key support level.
![Why is Litecoin price up today? 16fb9b72 c3f0 4a92 a7c8 ab2c5fa42672](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-07/16fb9b72-c3f0-4a92-a7c8-ab2c5fa42672.png?ssl=1)
![Why is Litecoin price up today? 16fb9b72 c3f0 4a92 a7c8 ab2c5fa42672](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-07/16fb9b72-c3f0-4a92-a7c8-ab2c5fa42672.png?ssl=1)
A decisive close below $100 opens the door for a test of its 50-day exponential moving average (50-day EMA; the red wave) near $90. Conversely, a bounce from $100 positions LTC/USD for more upside.
Related: Bitcoin bulls eye recovery, altcoins BNB, LTC, OKB and QNT in focusSupported by strong fundamentals, Litecoin could therefore rise toward $130, a resistance level from January-April 2022. This level is also near the upper trendline of LTC’s ongoing ascending channel trajectory, as shown in the weekly chart below.
This setup positions LTC bulls for a 20% gain by late July-early August.
![Why is Litecoin price up today? 321267a3 6e1c 4f07 951e d5ef3c6a1ae3](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-07/321267a3-6e1c-4f07-951e-d5ef3c6a1ae3.png?ssl=1)
![Why is Litecoin price up today? 321267a3 6e1c 4f07 951e d5ef3c6a1ae3](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-07/321267a3-6e1c-4f07-951e-d5ef3c6a1ae3.png?ssl=1)
source: cointelegraph