Litecoin (LTC) has experienced a bullish market sentiment recently, with a 14 percent surge in the last seven days, bringing its price to $88.32. In the past 24 hours, the asset has also seen a 0.64 percent increase with a trading volume of $511,446,555. Alongside Litecoin, another memecoin called PEPE has also performed impressively, with a 71 percent surge in the last seven days to trade at $0.000002. However, XRP has experienced a downtrend, falling by 1.3 percent in the last seven days and 0.9 percent in the last 24 hours, currently trading at $0.478954. Analysts predict that XRP could fall to its support level of $0.46 but could potentially rally afterwards.
Despite the current market performance, analysts remain bullish on Litecoin, largely due to the upcoming LTC halving and other factors. Analyst Michaël van de Poppe predicts that Litecoin could trade as high as $103 this year, with a potential pullback and bounce back to hit $180 after reaching the $103 mark.
Litecoin’s halving is expected to take place on August 2, which will cut the mining reward in half from 12.5 to 6.25. Analysis of its previous two halving events reveals that the price typically experiences a volatile ascent 100 days before the event, followed by a local top and the undoing of previous gains 50 days before the event. However, the third halving is showing unusual behavior compared to its predecessors.
Despite the hype typically surrounding such events, the current market performance has not seen a surge of over 200 percent like in the past, despite there being 35 days left until the halving. Litecoin has recorded three lower highs since February 16, and nine daily candlesticks have closed above the psychological level of $100 in the last 416 days. Additionally, the Relative Strength Index (RSI) for Litecoin is currently above the mean level of 50. If Litecoin surpasses the psychological level of $100, it could potentially reach $140. On the other hand, if the asset falls below its support level of $85.56, it could experience a crash of almost 8 percent.
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Michaël van de Poppe also predicts that XRP could break its key resistance level of $0.5025 and continue its upward trend. As for PEPE, the analyst expects another bull run in the future but suggests accumulating the asset after a 13 percent decline from its current level. When the meme coin reached an all-time low, its liquidity was minimal, so even a slight capital inflow can lead to an upward movement.
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