• Veteran altcoin Litecoin is nearing its historical halving event.
• Top trader Michaël van de Poppe indicates booster for LTC price.
• Litecoin faces market correction this week after reclaiming the $100 mark earlier this month.
Litecoin Nears Halving
Veteran altcoin Litecoin is nearing its historical halving event, which is slated for August 3rd and will reduce miners’ rewards from 12.5 LTC to 6.25 LTC. This has caused an increase in social mentions of the crypto and a search trend low according to IntoTheBlock.
Michaël Van De Poppe
Top trader Michaël van de Poppe has indicated that a break through $98.50-99.50 could trigger a bullish breakout and set a new yearly high for the PoW altcoin with 660,000 followers on Twitter.
Market Correction
Litecoin faces market correction this week after reclaiming the $100 mark earlier this month as it now trades at $97.39 with a further 0.4% daily downturn, according to CoinGecko . On-chain metrics suggest strong foundation for another bullish breakout amid towering LTC halving anticipation from the crypto community as traders look for safer payment systems resulting in skyrocketing social mentions for Litecoin and XRP .
New Yearly High?
Michaël van de Poppe marks “a nice sweep of the low,” calculating a high probability of Litecoin’s price boost in case it breaks through $99.50, getting a clear path to the northbound upper support line, which could set a new yearly high for the Proof-of-Work altcoin..
Conclusion
Litecoin has reclaimed prominence in a competitive cryptocurrency market thanks to increased social mentions and newly registered wallets on the network due to traders looking for safer payment systems since last year’s Terra Luna financial fiasco ahead of its upcoming halving event on August 3rd where miners‘ rewards will be reduced from 12.5 LTC to 6.25 LTC
