Litecoin (LTC) Price To Rally In Coming Days! Will it Hit $100?
Litecoin (LTC) has rallied about 33 percent in the past 30 days to trade around $93.66 on Tuesday. The proof-of-work (PoW) secured digital asset enjoys over 7,365,212 holders who have made a total of 142,360,884 transactions since inception. In the past 24 hours, the Litecoin network has reported a total of 48,552 transactions with over 2.4 million blocks already mined.
However, the underlying value of Litecoin continues to trade below 2018’s ATH. On the weekly timeframe, Litecoin bulls are eyeing to push beyond $100 to retest a psychological trend line that has acted as a resistance level. If the Litecoin price bounces back to the upper side of the trend line, the multi-week bear market will be exacerbated.
However, a breakout above the trend line will see the bulls rejuvenated to revisit the ATH and possibly rally to price discovery.
Closer Look at Litecoin (LTC) Fundamentals
The PoW-secured blockchain has a total hash rate of about 667.32 TH/s and a mining difficulty of around 24.05 million. With a programmatic halving of around four years, similar to Bitcoin, the Litecoin community is expecting the next halving to take place on August 03, 2023. After the 2023 halving, Litecoin’s block reward will be reduced from 12.5 to 6.25 LTC.
As a top-traded digital asset, Litecoin could rally further fueled by a short squeeze as shown by daily liquidations. According to data provided by Coinglass, the Litecoin market has recorded a total of $1.67 million in liquidation in the past 24 hours.
Over, the Litecoin ecosystem is lagging in terms of DeFi development compared to projects like Ethereum that launched at a similar time. As such, the Litecoin long-term bulls may lack much fuel to rally more compared to other top digital assets like Cardano and Solana which have active developers.