Litecoin Price Hits 14-Month High Ahead of Halving Event

• Litecoin (LTC) price has jumped 8.3% today to hit its highest level since April 2022 as traders remain bullish ahead of its block reward halving event in August.
• The rally was also supported by its listing on EDX Markets, a new institutional crypto exchange, and other top financial institutions filing Bitcoin ETF applications with the SEC.
• Litecoin is currently in an ‘overbought’ state, raising chances of a correction in the coming days.

Litecoin Price Hits 14-Month High

Litecoin (LTC) price jumped about 8.3% on July 2 to $116, its highest since April 2022. Its week-to-date returns climbed to over 30%, making it the best week for Litecoin since November 2021. Traders have flocked to purchasing Litecoin in the weeks leading up to its halving on Aug. 3 which will reduce the amount of new supply entering the market.

EDX Markets Listing and Bitcoin ETF Applications

The rally was also supported by its listing on EDX Markets, a new institutional crypto exchange backed by firms including Citadel Securities, Fidelity Digital Assets and Charles Schwab Corp., as well as Bitcoin ETF applications filed with the SEC by top financial institutions such as BlackRock which prompted other companies to do the same. This news gave Litecoin and other crypto assets a boost with LTC price jumping over 60% since June 15th when Blackrock’s application was announced.

What’s Next For LTC Price?

The latest bout of buying in the Litecoin market has left it in an “overbought” state with daily relative strength index (RSI) above 70 on July 2nd – raising chances of a correction in the coming days that could send LTC/USD back down towards $100 or even towards its 50-day exponential moving average near $90 if it fails at $100 support level again . However, if it bounces from this key support level then more upside is expected for LTC/USD prices .

Conclusion

In conclusion, traders continue to stay bullish about Litecoins upcoming halving event which is driving prices up and hitting 14-month highs today despite being currently ‘overbought’ and susceptible to corrections soon . The listing on EDX Markets and Bitcoin ETF filings have also had positive effects on LTC prices though whether these keep pushing them higher remains uncertain .