Litecoin’s price rallied sharply on Monday reaching its highest levels since May 2018 and gaining over 10% on the day. In early trading on Tuesday the world’s fourth largest cryptocurrency by market capitalization had inched further upward to make fresh 1 year highs.
The upcoming Litecoin Halving taking place on August 6th 2019 is likely to have been a major driver in the surge of buyers. Halving refers to the reduction of the Litecoin mining reward by half, effectively reducing the supply of new Litecoins by 50%.
Key Price Levels
Bullish analysts are now eyeing the key $200 psychological level for Litecoin. Looking at the weekly chart below and the major swing from high to low dating back to 2017, we can see that potential resistance lies at the 38.2% retracement level of $155 and the 50% retracement level of $196.
Meanwhile, Bitcoin posted gains on Monday but remained well below the recent high above $9,000 reached on May 30th.