Litecoin is among the most popular cryptocurrencies in the market. The Litecoin network is also famous because of its fast speeds in processing transactions. This week, LTC is making gains, and in seven days, the altcoin has increased by 17.3%. Most of these gains have been attributed to the broader market, given that most coins have been in a bullish zone.
Litecoin is trading at $165.41 at the time of writing after a 10.7% gain in 24 hours.
Litecoin Price Analysis
On July 19, LTC went to a low of around $103, attributed to selloffs across the broader market. However, since then, LTC has had a massive rally of around 60%, and it will continue gaining if the bullish sentiment across the broader market holds.
The coin recently managed to breakout past $170, but this level did not hold for long, causing a retreat to the current prices. If stronger bulls come into play, this level could be achieved again, and LTC will head towards $172. To set a new two-month high, litecoin needs to rally beyond $180.
The broader market seems to be consolidating, given that BTC has failed to push past $45K, while ETH has failed to go beyond $3100. Hence, if these levels fail to hold and a slightly bearish trend happens, LTC could retreat to support at $158. Retreating to $149 could happen amidst selling pressure.
Litecoin is among the two leveraged tokens that will undergo a reverse token split in Binance. The LTCUP and LTCDOWN tokens will be split on a 100,000:1 ratio, where an individual holding 1,000,000 tokens will now have ten tokens. However, the value will be higher. According to Binance, the action has been done to boost user experience.
In late July, BitPay also announced that its customers could now use litecoin to make payments. The coin will be joining bitcoin, ethereum and nine other cryptocurrencies that the platform has also accepted. The growing adoption of LTC has a positive impact on its prices.
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