• Veteran altcoin Litecoin is nearing its historical halving event, which has spiked its social mentions.
• Top trader Michaël van de Poppe indicates a potential bullish breakout if the coin clears the $98.50-$99.50 price range.
• Litcoin has reclaimed prominence this year and its upcoming halving event could set a new yearly high for the POW altcoin.
Veteran altcoin Litecoin is approaching its historical halving event, resulting in skyrocketing social mentions for LTC and XRP. This trend has been persistent throughout the year and correlates with newly registered wallets on the network as pointed out by Glassnode.
Top trader Michaël van de Poppe suggested that Litecoin’s price would be heading for a breakout if it passes through the sensitive price range of $98.50 – $99.50 and can gain access to an upper support line, which could set a new yearly high for the Proof-of-Work altcoin.
The search trend for Litecoin just hit a yearly low according to blockchain analytics platform IntoTheBlock, further indicating that traders are now looking towards time-tested payment systems such as LTC for their crypto investments.
The upcoming halving event is expected to cut Litecoin miners’ rewards from 12.5 LTC to 6.25 LTC at block height 2,140,000 on August 3rd, 2023. This reduction in reward will likely have an impact on both supply and demand of Litecoins in circulation thus affecting its overall market position and value in terms of USD or BTC trading pairs..
With LTC reclaiming prominence this year due to increased trader interest towards more reliable payment systems combined with its upcoming halving event looming closer over time, we can expect higher volatility in prices going forward as holders look towards capitalizing on these events while awaiting possible bullish breakouts as predicted by top traders like Michaël van de Poppe