
Litecoin Price Holds $106 Support as LTC Halving Event Boosts Long-Term Outlook
The recent halving event of Litecoin (LTC) has brought about a significant increase in its price, with the token currently trading at $106.97, indicating an impressive daily gain of 1.79%. This surge is largely attributed to the reduced mining rewards by half, which reduces the supply entering the market and historically drives prices higher.
Despite mixed signals from technical indicators, Litecoin’s resistance to sell-off has shown resilience amid broader market volatility, suggesting that buyers are stepping in at these levels. The postponement of the ETF decision has introduced some uncertainty into the market; however, this delay might be seen as a sign that regulatory bodies are taking the proposal seriously rather than outright rejecting it.
The halving event’s impact on supply dynamics creates a strong fundamental backing for Litecoin’s price, offering an attractive entry point for swing traders. By setting their stop-loss below $91.20 and targeting the pivotal resistance at $122.29, investors can exploit the reduced supply in conjunction with potential future demand from ETF approval.
Short-term traders are encouraged to monitor the $106-$108 range closely over the next 24-48 hours as a decisive break in either direction could establish Litecoin’s next significant move. Meanwhile, long-term investors may find this accumulation opportunity compelling due to the combined effects of reduced supply and potential regulatory clarity.
Source: Blockchain.News