Litecoinhas managed to record a significant increase of 53% since January 1, 2023. In addition to all this positive performance, the price gained just over 22% even compared to last week. The last one-year outlook is at an impressive level of 114%. Despite the fact that things are going so well, investors have questions about whether there will be a “fix” in their minds. Here are all the current technical developments.
Cryptocurrency market is currently clearly following Bitcoin. The positive developments in BTC are attributed to BlackRock’s filing of a Spot Bitcoin ETF. However, there are a few positive developments on the Litecoin front as well. First, LTC will hold its halving event almost a month from now, on August 10. The event will cut LTC rewards in half. Usually, halving events lead to an increase in price as supply gradually decreases. Many expect LTC to follow this pattern and see a halving rally soon.
Moreover, Litecoin’s (LTC) hash rate has nearly doubled since July 2022. LTC’s hash rate is currently 774.2131 TH/s.
Along with the hash rate, Litecoin mining difficulty has also risen to new heights. LTC’s difficulty currently stands at 26.73M.
Both developments indicate that the LTC network is more secure than ever. This is another reason that turns the emotions of investors into positive indicators. While the above-mentioned developments may seem bullish, things may not be as smooth as they seem.
Will Litecoin Price Post a Correction?
According to popular crypto analyst Ali Martinez, LTC’s current MVRV is hovering around 35% for 30 days. Ali pointed out that historically more than 30% MVRV 30 days have been followed by “sharp price corrections”. The analyst says LTC could potentially see a 30%-40% correction. stated.
currently, #Litecoin MVRV 30D hovers around 35%.
Historically, each time $LTC MVRV 30D exceeds the 30% mark since 2018, a sharp price correction typically follows! This usually translates to a #LTC price drops ranging from 30% to 40%. pic.twitter.com/R5oMMaKWGc
— Ali (@ali_charts) July 2, 2023
If what the analyst predicts comes true, Litecoin could drop to mid-June levels, around $73. LTC has already dropped 4.7% in the last 24 hours. Therefore, more fixes are still in the books. According to press time, LTC was trading at $106, down 0.4% in the past hour.
You can follow the current price action here.