• Litecoin (LTC) has seen a surge in trading volume recently due to speculation on the upcoming halving.
• According to Captain Faibik, the LTC price is en route to $120 fueled by the halving FOMO pump.
• Crypto traders have been speculating on Litecoin prices as depicted by the high trading volume compared to other altcoins of its caliber.
Litecoin (LTC) Price Action
The crypto asset traders have been speculating on Litecoin prices as depicted by the high trading volume compared to other altcoins of its caliber. According to the latest crypto market data, Litecoin had a 24-hour traded volume of about $461,897,500, and its open interest more than tripled YTD. According to a Litecoin analysis by a popular crypto analyst popularly known as Captain Faibik, the LTC price is en route to $120 fueled by the halving FOMO pump. With the Litecoin halving scheduled less than two weeks from publication time, some crypto traders argue that it has already been priced in. However, Captain Faibik argues that it is only a matter of time before a major breakout pushes the third-largest PoW-secured digital asset to new highs in 2023.
Crypto Trading Volume & Open Interest
As speculative traders and miners accumulated at current levels, Litecoin miners have increased their on-chain activity with speculation on halving rallying taking center stage. Notably, cryptocurrency traders have been speculating on Litecoin prices as depicted by its high trading volume compared to other altcoins of its caliber. According to the latest crypto market data, Litecoin had a 24-hour traded volume of about $461 million and its open interest more than tripled year-to-date (YTD).
Halving Narrative
The halving narrative continues driving bullish sentiment among Bitcoin bulls and analysts alike who are expecting an imminent surge in LTC’s price action ahead of or after August 5th when it will take place for this PoW-secured coin. While some analysts argue that this event has already been priced in others like Captain Faibik believe that there is still room for growth before or after this date depending on how much hype will be created around this event prior or after it takes place next month.
Technical Analysis & Support/Resistance Level
From a technical perspective; since February 2021; litecoin’s price has oscillated around support/resistance level at around $90 which suggests further upside movement could occur soon if there is enough momentum from buyers side pushing prices up past these levels into new all time highs past $120 mark as predicted by Captain Faibik chart analysis which he shared via his twitter page earlier today showing clear signs of accumulation leading up into August 5th when litecoin’s block reward halfing occurs every four years for this asset class reducing rewards per miner from 25 coins per block mined down 12 coins per block mined making mining more difficult but also rewarding those who hold onto their coins after halvening resulting in higher demand pushing up prices accordingly if enough investors enter space before or during expected rally period leading up until next month when official block reward reduction occurs according to Coinbase data charts used for analysis purposes here today..
Conclusion
In conclusion; litecoins current bullish run could continue past August 5th when halvening occurs creating perfect storm effect possibly pushing prices higher towards Captain Fabiks predicted ‘target’ region near $120 mark where resistance could be met leading into end of summer season though any unexpected news events such as governments launching sector specific regulations regarding cryptocurrencies could drastically change current outlook here today so please exercise caution when investing and always keep risk management rules set beforehand so you don’t expose yourself too much while trading these markets….