- Litecoin price has gone parabolic as the halving countdown continues.
- Litecoin has seen its hashrate and mining difficulty jump to a record high.
- LTC halving is set to happen in August this year.
Litecoin price had a mixed performance in June. The LTC coin initially plunged to a low of $71.17 in June and then recovered those losses. It jumped by more than 13% in the past 24 hours and is now hovering near the highest level since April.
LTC halving countdown continuing
Litecoin has three main catalysts in July. First, like Bitcoin, LTC price will react to the spot ETF news during the month. Companies like Blackrock, Fidelity, Ark Invest, and Invesco have all applied for their Bitcoin spot ETFs.
To be clear. These ETF applications are only on Bitcoin, the biggest cryptocurrency in the world. However, since Litecoin is a BTC fork, there is a likelihood that these companies will also apply for its ETF if the SEC accepts their BTC one.
Also, it is still unclear whether the SEC will accept these ETF applications since it had rejected them before. The biggest change is that these companies have added a surveillance clause, which could encourage the regulator.
Second, Litecoin price will likely react to the upcoming halving. Halving is a process where a proof of work network reduces block awards to the miners. The goal is to reduce the amount of Litecoins that are produced every day. In most cases, Litecoin and Bitcoin prices tend to do well ahead of a halving event.
The halving will happen at a time when Litecoin mining difficulty is hovering near its all-time high. It stands at 26.38 million, a few points below the all-time high of 26.40 million. The difficulty stood at over 13 million on the same day in 2022.
Meanwhile, Litecoin’s hash rate has jumped close to its all-time high. It currently stands at 735.71 TH/s, slightly lower than its all-time high of 800. Hashrate is an important metric that shows the health of a proof of work network like Litecoin.
Litecoin price prediction
Turning to the daily chart, we see that the LTC price has been in a strong bullish trend since June 14th. Now, the coin has retested the descending trendline shown in blue. It has also moved slightly above the 50-day and 100-day moving averages while the volume has remained high.
Therefore, the outlook for the Litecoin price in July is bullish, with the next level to watch being at $120. This view will be confirmed if it moves above the year-to-date high of $105, which was reached in February.