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Litecoin price continued to recover today, buoyed by optimism spreading across the crypto market. The cryptocurrency LTC reached its highest level since July 30th at $104, marking an increase of over 70% from its lowest level in September last year. So, what is expected for Litecoin going forward?
Litecoin’s Price Increase Brings Joy
The price increase of Litecoin, often referred to as the silver to Bitcoin‘s gold, occurred as the crypto fear and greed index jumped to the extreme greed zone of 89. This development coincides with Bitcoin and many altcoins reaching all-time high levels. Bitcoin is currently trading steadily above $72,000.
This situation coincides with a decrease in Bitcoin supply on exchanges during a period of increased demand. iShares Bitcoin Trust (IBIT) added assets over $13 billion in record time. Other Bitcoin ETFs, such as Fidelity Wise Origin Bitcoin ETF and Ark Invest, continue to purchase BTC.
The halving event set for April will lead to a contraction in the supply of the cryptocurrency Bitcoin in the coming months. This will result in the daily Bitcoin rewards dropping from 900 to 450. Consequently, this imbalance between supply and demand will likely lead to higher prices.
Litecoin underwent a halving event in 2023. Before that time, the cryptocurrency’s price surged to $115 and then fell back to $57. This serves as an important warning for Bitcoin, as the cryptocurrency may decline after the halving event in April.
What Do the Charts Indicate?
The daily chart shows that LTC’s price has been in a strong upward trend for the past few weeks. It recently broke above the significant resistance point of $79.48, which was the highest point on December 9th.
The cryptocurrency LTC also surpassed the key resistance point of $94.63, invalidating the emerging double top pattern.
The cryptocurrency Litecoin has now also risen above the 50-day and 25-day Exponential Moving Averages (EMA). Therefore, the outlook for the cryptocurrency is extremely bullish, and the next point to watch is $115. This price is approximately 10% above the current level and the highest point last July. LTC is currently trading at $104.59.
