Litecoin Payments Hit All-Time High As Halving Draws Near: Analyst Says These 2 Levels Key Before LTC Starts 'Grinding Upwards'

Litecoin (CRYPTO: LTC) payments reached an all-time high (ATH) on Wednesday, as the cryptocurrency recorded 167 million transactions. 

What Happened: Litecoin on its Twitter handle said that it ranks fourth in liquidity among all cryptocurrencies.

LTC is up 15% in the last seven days, which is attributed to the approaching halving event. The halving takes place every four years and is a significant event in the crypto's protocol. Historically, the halving has been correlated with price gains for the cryptocurrency.

Litecoin has undergone two halving events in 2015 and 2019 and is set to experience its third one around August 2. The highly anticipated event will take place after 24,646 blocks have been mined.

More: A Stay At The Floating Palace From James Bond's ‘Octopussy’

Why It Matters: Crypto analyst Michael van de Poppe, predicts potential long opportunities ahead for Litecoin. Van de Poppe has identified $82-$84 and $78-$79 as two essential levels of interest for potential long opportunities.

Last month, pseudonymous analyst BlockchainSanta said that LTC may experience a potential 200% upside in the days leading up to the halving, based on the cryptocurrency's historic performance during previous halving events. 

Price Action: At the time of writing, LTC was trading at $86, down 0.15% in the last 24 hours, according to data from Benzinga Pro. 

Read Next: Bitcoin Hovers Near $30K After BitGo Abandons Prime Trust Takeover, Ethereum, Dogecoin Drop Slightly — Analyst Predicts 420% Surge For King Crypto By 2025

Join Benzinga’s Future of Crypto in NYC on Nov. 14, 2023, to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!