Litecoin (LTC) is gaining attention on Twitter.

LTC is trading at the price of $89.49.

The cryptocurrency market has undergone some significant changes recently, and several cryptocurrencies are in the news. Recently, Litecoin (LTC) has generated talks on the crypto Twitter.

One of the earliest cryptocurrencies on the market and a fork of Bitcoin is Litecoin. To prevent the monopolization of the Bitcoin mining market, Litecoin was developed. The altcoin facilitates peer-to-peer transactions. Litecoin has a different mining algorithm than Bitcoin (BTC) and offers faster block generation times, allowing for faster transaction confirmations and lower transaction fees. Litecoin (LTC) promotes its payments as being almost free. There are indications that the price of Litecoin could rise once more when its subsequent halving event draws near. As per reports, The halving is anticipated to occur on August 2, 2023. Litecoin halving is a cyclical occurrence that occurs every 840,000 blocks created on its network, about every four years. During this event, the reward for miners validating a network block decreases by half, meaning they receive just half the quantity of Litecoins for each block they mine.

Additionally, to establish environmentally friendly crypto mining techniques, Litecoin (LTC) recently stated that it will collaborate with Metalph Technology Holding Ltd (MATH). Among them will be the decrease in carbon emissions and the application of renewable energy sources in the mining industry. At the time of writing, Litecoin (LTC) is trading at $89.49 on major exchanges, significantly lower than its all-time high of $412.92.

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Litecoin price has been consistently underperforming despite the upcoming halving event.

But investors can expect one last rally that tags the $115 hurdle before the third halving event kickstarts.

A decisive flip of the $73 support level could trigger a further 21% crash to $57.78. 

Litecoin price has been wandering aimlessly around a critical level. Unable to successfully flip it or break down below it, LTC has been a boring coin to trade for investors. But with the third halving event happening in roughly three months, volatility could start to heat up. 

Read more about Litecoin’s third halving event: Litecoin could display strong performance ahead of its next halving event

Litecoin price remains calm

Litecoin price has had trouble flipping the $95.75 hurdle since January 29. After multiple failed attempts to overcome this blockade, LTC crashed 38% from a local top at $105. A quick V-shaped recovery from $64.98 saw the altcoin undo these losses almost completely and set up another local top at $103.63. 

The recent attempt also failed, which knocked Litecoin price down by 18% to graze the $77.68 to $84.24 demand zone. Going forward, if LTC digs deeper into this zone, it will provide sidelined buyers a chance to accumulate the altcoin at a discount.

If enough interested investors step in, it could trigger a Litecoin price rally that successfully flips the $95.75 hurdle and tags the $115.23 barrier. This move would constitute a 37% gain for investors. 

In a highly bullish case, Litecoin price could scale higher and retest the $131.79 hurdle. 

While the bullish outlook for Litecoin price makes logical sense, it is contingent on the recovery above $95.75. If buyers fail to step in after a retest of the $77.68 to $84.24 demand zone, it will signal weakness.

Such a development could see Litecoin price sink lower and retest the $73.40 support floor. A decisive flip of this barrier will invalidate the bullish thesis for LTC and potentially trigger a 21% nosedive to $57.78.

#Binance #BTC #crypto2023 #litecoin #ltc