Litecoin price prediction: Futures open interest rises ahead of halving

Litecoin price prediction: Futures open interest rises ahead of halving
фото показано с : invezz.com

2023-7-21 12:21

Litecoin will be in the spotlight in the coming days as investors wait for the upcoming halving event scheduled for August. The coin was trading at $93 on Thursday as open interest in key exchanges remained at an elevated level. 

Litecoin halving countdown 

Halving is a unique feature in proof of work (PoW) cryptocurrencies like Bitcoin and Bitcoin Cash. It is a feature that reduces the block rewards in a bid to slow the coin’s supplies. 

Litecoin, which is a hard fork of Bitcoin, will happen on August 3rd of this year when the block height moves to 2.52 million. The current height stands at 2.512 million. 

Litecoin halving happens every four years and in most cases, the coin tends to do well before the event happens. This partially explains why LTC coin’s price has been in an overall bullish trend since July last year. 

Litecoin is showing some important characteristics ahead of this halving. Its hash rate and mining difficulty have jumped to a record high, with the latter standing at 26.6.

At the same time, data compiled by CoinGlass shows that its open interest in the futures market has jumped to over $520 million, which is a few points below last week’s high of $614 million. This means that this open interest is hovering near the highest level since November 2021, as shown below. 

Open interest is a crucial feature in the futures market because it shows the total number of futures contracts held by market participants at the end of the trading day. It is used to determine market sentiment and the strength behind a market. 

Litecoin price prediction 

The daily chart shows that the LTC price has erased some of last week’s gains as sentiment in the market changes. It has dropped from last week’s high of $116.14 to the current $93. This decline coincides with Bitcoin’s move below the support at $30,000.

Litecoin is being supported by the 50-day exponential moving average. It has also formed a small hammer pattern. Therefore, there is a likelihood that the price will recover in the coming days as the countdown to the halving event continues. If this happens, the next key level to watch will $105.75, the highest level on February 16.

The post Litecoin price prediction: Futures open interest rises ahead of halving appeared first on Invezz.

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Litecoin (LTC) на Currencies.ru

$ 119.98 (+0.28%)
Объем 24H $1.006b
Изменеия 24h: -5.90 %, 7d: -2.99 %
Cегодня L: $118.07 - H: $122.08
Капитализация $9.057b Rank 19
Цена в час новости $ 92.42 (29.82%)

litecoin halving open interest trading august coin

Источник: invezz.com

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