Litecoin Lingers at 13% Weekly Gain With 2 Months Left Before Halving

  1. Litecoin is still in the $90 range and is up 13% in the last 7 days.
  2. The Litecoin halving is expected to dawn on August 3, according to NiceHash.
  3. The Litecoin network was also bursting with activity from Ordinals.

Litecoin (LTC) is maintaining its gains in the last 7 days and is still trading in the $90 to $94 range. It is not clear which is specifically driving the price up, especially since other popular and high market cap coins are struggling to keep up.

At the time of writing, LTC is changing hands at $91.28, with a 13% increase in the last 7 days. The price is going wild, as bulls and bears are involved in a tug-of-war to decide the OG altcoin’s fate in the coming month.

LTC/USDT 4-hour chart (source: TradingView)

As seen in the chart above, LTC is set to complete its triangle pattern, which may lean more toward the bullish side. However, trading activity has been slowing down in the last couple of days, although this may be due to weekend break for crypto traders.

The 50-day moving average is also about to cross over the 200-day moving average, which is a good sign for the bulls. However, LTC’s prevailing market direction may be decided this coming Monday.

Meanwhile, LTC’s halving is in the next 74 days, according to NiceHash. Just like BTC, litecoin miners will soon have their block rewards cut down by half after August 3. 

In addition, the Litecoin blockchain has been busy the past couple of days due to an Ordinal boom. To bring the uninitiated up to speed, the Ordinals framework has been added to Proof of Work (PoW) networks like Bitcoin and Litecoin to enable smart contracts and therefore decentralized apps (DApps) and non-fungible tokens (NFTs).

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Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.