Litecoin Price Prediction as $1 Billion Trading Volume Comes In – Are Whales Buying Before the Halving?

cryptonews.com:

Litecoin (LTC) is on course for its first red day in five as the broader cryptocurrency market experiences a dip as US yields and the US dollar gain in wake of strong US data releases that push back against US recession bets, and after commentary from Fed speakers puts in doubt the idea that the central bank is done hiking interest rates.

LTC was last down just over 2% on the day and trading just under $92 amid a pick up in trading volumes that, according to CoinGecko, topped $1 billion in the last 24 hours.

Meanwhile, the likes of Bitcoin and Ether where both last down in the region of 1% and trading just above the respective $27,000 and $1,800 levels.

Despite this, price predictions remain upbeat. 

Unlike Bitcoin and Ether, however, Litecoin has been able to post significant gains in the last few sessions.

Indeed, the cryptocurrency, which is often referred to as the digital silver to Bitcoin’s digital gold, is still well over 20% up versus its earlier monthly lows.

Analysts have cited optimism about the upcoming halving of the Litecoin issuance rate to miners on the 2nd of August as a major driver of the cryptocurrency’s recent gains, with some suggesting that Litecoin could continue to outperform the broader market as we go into summer.

Others have cited Litecoin’s continued progress in terms of its adoption as a means of payment as helping its price, as can be seen in its rising transaction count and number of online merchants that accept it as a payment option.

For now, Litecoin is holding to the north of its 50 and 100-Day Moving Averages, a sign that the latest pump higher may continue, despite Thursday’s broader pullback.

So long as broader crypto market sentiment doesn’t crater too badly, a near-term return to the north