Market Overview

Litecoin Bursts Through $100 Hurdle On Halving Day

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Litecoin Bursts Through $100 Hurdle On Halving Day
  • Litecoin revives the trend above $100 as halving excitement sets in.
  • Litecoin mining rewards to be cut in half as from August 5.

Litecoin reacted positively to the bullish wave over the last weekend. After testing the support at $90, LTC/USD bounced upwards. The momentum stepped out of the descending channel before taking on the moving averages. Initially, the struggle at $96 got the buyers off-balance and Litecoin corrected lower.

Meanwhile, the 100 Exponential Moving Average (EMA) 15-mins chart is functioning as the immediate support. According to the prevailing technical levels, Litecoin is lagging a breakout above $100. The Moving Average Convergence Divergence (MACD) just crossed into the positive region. The full stochastic oscillator is in the overbought after recovery from the lows on Saturday.

The hurdle $105 is the only bump preventing Litecoin’s impending rally. The rise past $100 comes on the day the network is effecting the halving rule. Like Bitcoin, Litecoin rewards are cut in half every four years. From today Litecoin miners will receive 12.5 LTC as a reward for every block they mine.

LTC/USD 15-mins

Image Sourced by Pixabay

Posted-In: Bitcoin crypto market FXStreetCryptocurrency News Forex Markets General

 

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