Litecoin (LTC) Price Estimate July 2023 – Rise or Fall?

Litecoin (LTC) has advanced more than 50% since June 14, 2023, rising from $71.09 to a high of $114.98. But where is the price of Litecoin (LTC) going next, and what can we expect from July 2023?

The current price of Litecoin (LTC) stands at $101, and despite the current correction, it is important to say that Litecoin recently reached an all-time high in payment usage and daily transactions, which could be an indication that the price could advance again.

Analysts expect Litecoin will likely outperform other altcoins in the near future, and one of the reasons for this belief is its halving event scheduled for August 2, 2023. Today, Crypto Lists will discuss LTC price estimates from a technical and fundamental analysis perspective.

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Litecoin halving expected to increase volatility

The last two weeks have been a positive period for the cryptocurrency market, and growing speculations around the first Bitcoin ETF approval in the U.S. helped the crypto market bounce. The sentiment has changed a little bit last several hours as weak U.S. and China economic data as well as rising Sino-U.S. tensions, dented investor sentiment.

The U.S. Commerce Department reported that factory orders rose less than expected in May, which increased fears of an economic slowdown due to high-interest rates, especially after data on Monday showed manufacturing slumped further last month.

Litecoin has demonstrated a consistently positive trend in recent weeks, and despite the current correction, it has maintained a positive trajectory. In the upcoming days, Litecoin is expected to experience huge volatility due to its halving event scheduled for 2rd August 2023.

Analysts expect Litecoin will likely outperform other altcoins in the near future, and this would probably be influenced by its upcoming halving when mining rewards are slated to reduce from 12.5 LTC per block to 6.25 LTC per block.

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Analysts are positive about Litecoin

Although the event is still four weeks away, the rally may start again because cryptocurrency traders tend to be forward-looking and price the event well in advance. The Litecoin Halving Cycle takes place every 840,000 blocks according to a predetermined Litecoin halving schedule defined in the Litecoin protocol. Two Litecoin halving events have already taken place, the first in 2015 and the second in 2019.

The Litecoin halving in 2015 reduced the Litecoin block reward from 50 LTC each block to 25 LTC each block. The last Litecoin halving event occurred in 2019 dropping the block reward in half from 25 LTC to 12.5 LTC per block.

The crucial challenge for Litecoin lies in gaining sufficient strength to surpass $115, a level at which the coin has historically faced rejection. Popular crypto analyst Benjamin Cowen said that Litecoin has historically advanced in June/July of its halving year, and he made a bullish Litecoin prediction as the halving countdown edges closer.

Litecoin miners also took a bullish stance ahead of the halving event, and according to on-chain data, the miners have been on an accumulation spree since the start of June. According to IntoTheBlock, Litecoin miners have added 270,000 coins to their reserves between June 1 and July 4.

Technical analysis for Litecoin (LTC)

Litecoin (LTC) has been in a positive mood since June 14, advancing from a low of $71.09 to a high of $114.98. The current price of Litecoin stands at $101, and as long the price of LTC is above $90, we can’t talk about a trend reversal, and the price of this crypto remains in the BUY-ZONE.

Important support & resistance levels for Litecoin (LTC)

On this chart (the period from November 2022), I marked important support and resistance levels that can help traders to understand where the price could move. Litecoin (LTC) has weakened from its recent highs, but if the price jumps above $115, the next target could be resistance at $120 or even resistance at $130.

The important support level is $90, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $85. If the price drops below $80, which represents another important support level, the next target could be $70.

What speaks for the rise in the Litecoin (LTC) price

The amount of LTC traded over the last several weeks saw a significant increase, and the crucial challenge for Litecoin lies in gaining sufficient strength to surpass the $115 price level. One of the reasons for the possible uptick in Litecoin’s price could be its upcoming halving in August 2023, when mining rewards are slated to reduce from 12.5 LTC per block to 6.25 LTC per block.

According to the technical picture, Litecoin (LTC) still has room for the upside, especially if the price of Bitcoin continues to perform well.

What indicates the downfall of Litecoin (LTC)

Litecoin has demonstrated a consistently positive trend in recent weeks, and despite the current correction, it has maintained a positive trajectory. However, investors should continue to take a defensive investment approach as the macroeconomic landscape remains uncertain.

The important support level for LTC stands at $90, and if the price falls below this level, the next target could be $85. The price of Litecoin is also correlated with the price of Bitcoin, and if the price of Bitcoin drops below the $28000 price level, that would certainly have a negative influence on the price of LTC.

What do analysts and experts say?

Analysts expect Litecoin will likely outperform other cryptocurrencies in the near future, moving up higher when the cryptocurrency market rises and seeing a lower downside when cryptocurrency prices move down.

The euphoria around Litecoin is influenced by its upcoming halving in August 2023, when mining rewards are slated to reduce from 12.5 LTC per block to 6.25 LTC per block. Although the event is still four weeks away, the rally may start again because cryptocurrency traders tend to be forward-looking and price the event well in advance.

Popular crypto analyst Benjamin Cowen said that Litecoin has historically advanced in June/July of its halving year, and he made a bullish Litecoin prediction as the halving countdown edges closer.

Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.