Litecoin Hits A High Of $91 As It Enters An Overbought Zone

The Litecoin (LTC) price hovered below the $80 resistance level for over a month before breaking through it. The cryptocurrency's value rose even further today, reaching a high of $91 before retreating.

Timeline of Litecoin

David Burkett, MWEB developer, posted new updates related to the Litecoin [LTC] network. Burkett mentioned that he continued working on PSBT, and quickly discovered some limitations in the initial design.

Litecoin [LTC] has performed impressively on the price charts in recent weeks. The breakout past the range highs in late November was significant, as this range has been in play since May.

There are heavy expectations regarding Litecoin [LTC] this year, especially with the upcoming 2023 halving. It appears that the market has already been preparing for a robust 2023, something which was evident in LTC's price action and hash rate.

While the Bitcoin halving is not expected until March 13, 2024, according to Coinwarz data, Litecoin investors can already look forward to the traditionally bullish event as soon as this year. According to NiceHash's estimate, the Litecoin halving will take place in 189 days, on July 19, 2023.

A closely followed crypto strategist is predicting a massive Litecoin (LTC) rally this year in anticipation of its halving event slated for August. Pseudonymous analyst Rekt Capital tells his 331,800 Twitter followers that Litecoin has a tendency to erupt prior to its halving based on historical price action.

Litecoin [LTC] has been in the limelight for quite some time due to its increasing hashrate. Recently, a major update was revealed by the Litecoin Foundation after its hashrate reached a new all-time high (ATH) of 763.63 Th/s.

According to Rekt Capital, a renowned crypto analyst, LTC is set to hit an all-time-high amid its July 2023 halving. His prediction bases back to previous litecoin halving history.

A popular analyst believes that one large-cap altcoin is gearing up to break away from the downtrending crypto markets. The pseudonymous analyst Rekt tells his 330,000 Twitter followers that peer-to-peer payments network Litecoin (LTC) may have already printed a bear market bottom.

On-chain data shows the combined Litecoin address count of sharks and whales is now at a 2-year high, a signal that could be bullish for the asset's value. Litecoin Addresses Holding More Than 1,000 LTC Now At Highest Level Since 2020 As per data from the on-chain analytics firm Santiment, LTC has been climbing strongly since the population of these large addresses began to rise.

Litecoin, an altcoin being hailed as the “digital silver” of the cryptocurrency space, has once again rewarded its faithful investors and holders as it mounted a massive recovery after bottoming out at $60. Interestingly, the token made its bounce back shortly after CNBC host Jim Cramer went out of his way to call holders of LTC idiots.