Litecoin’s (LTC) recent positive trajectory has marked its most bullish week since June–registering gains of over 24% in the last seven days.
LTC Eases Into Top 20
With its remarkable gains recently, the “digital silver” has slid its way into the Top 20. Those cryptos already in the Top 20 have fallen due to what is known as the “crypto winter.”
In the past week Bitcoin, the holy grail of crypto, only gained 1.65% this past week. To further illustrate LTC’s run, no cryptocurrency in the top five registered 5% gains.
Polygon is the only other token to compete with LTC’s gains in the past seven days.
Litecoin Goes on A Run
It all began on Oct. 21. Litecoin recorded a low of $49.55 and then went on a run–and it’s still going.
LTC has had five consecutive days of rising prices since beginning the month of November. Litecoin saw its highest price of $73..29 on Nov. 7–its highest since the month of May.
The main source of this was MoneyGram. This app announced that it would allow U.S. users to purchase Litecoin directly in the app. The result was LTC recording 15% gains in a single day on Nov. 1.
Is This Here to Stay?
Litecoin’s recent momentum has been astonishing, no doubt. But it’s unlikely that the token will be able to maintain this trajectory.
Overbought levels and selling pressure contribute to this and, at the time of writing, the RSI is pointing toward a reversal.
Additionally, LTC has recorded a halving event every four years–one in 2015, one in 2019 and one is expected in June 2023.
What this means is that Litecoin has a tendency to rally in the months leading up to halving. It is at this point that LTC stabilizes before entering a long bull market.
The fact that Litecoin is up 24% in the past week leads many experts to believe the pre-halving rally is underway.