Litecoin lacks support to push to $100

Last week, Litecoin (LTC) has risen in price by almost 20%. It reached a local peak at $92.5, the highest value since June 5.

However, already at the weekend, the bears increased the pressure, and the altcoin fell to $87.4 on the night of Monday, June 26.

Litecoin has recently been trying to get close to $100. But he did not have enough support, and already in the middle of this month, as a result of the activation of sellers, the cryptocurrency fell below $73. The last time it traded at this level was in March.

The ascent resumed on June 20. LTC began to add value following Bitcoin (BTC) and Ethereum (ETH).

In August, a reduction in the reward of miners for mining a block in the Litecoin network (halving) is expected.

In the spring, many experts predicted the return of LTC to $100 before the halving. Moreover, they excluded it from a breakthrough to $150. Now the time for overclocking has been significantly reduced, and by the end of June, LTC could not hold on to $90.

At the same time, blockchain fundamentals continue to improve. The developers recently announced that the network has processed 167 million transactions. Litecoin ranked fourth in the ranking of the most liquid cryptocurrencies.

According to the IntoTheBlock service, now 50% of addresses in the network have become profitable, only 37% of altcoin holders bear losses.