Binance Adds Cardano and Litecoin Trading Pairs Against TUSD, Offers Zero Maker Fees
Binance, the biggest cryptocurrency exchange globally, has included trading pairs for Cardano (ADA) and Litecoin (LTC) against TUSD stablecoin. The exchange will offer zero maker fees for the ADA/TUSD and LTC/TUSD spot and margin trading pairs to attract traders and increase liquidity. Positive developments such as whale accumulation and advancements in core developments, wallets, and ledger for Cardano, and the upcoming halving event for Litecoin are expected to boost ADA and LTC prices. Binance has also added support for Cardano and Litecoin on its debit card, allowing users to spend their ADA and LTC at over 60 million merchants worldwide.
Crypto Strategist Predicts Halving Rally for Litecoin (LTC) and Potential Surge for Polygon (MATIC)
According to crypto strategist Michaël van de Poppe, Litecoin may experience a strong uptrend leading up to its third halving, but it must first surpass its immediate resistance at $93.
Litecoin Achieves Impressive Milestones as Halving Event Inches Closer
Litecoin's futures derivatives contracts have seen a surge in open interest, surpassing $420 million globally. This is the highest demand for LTC futures recorded since January 2022 and can be attributed to the upcoming Litecoin halving, which many believe will trigger a bullish rally for the asset in the long term. Market participants are expecting Litecoin to cross the $100 price mark after the halving commences, as new addresses being created on the Litecoin network are surpassing new Bitcoin addresses.
Litecoin’s Upcoming Halving Event Could Increase Demand for Cryptocurrency
Litecoin is anticipated to attract more attention and demand as a result of the halving event scheduled for August 2023, which will ensure the scarcity of its circulating supply and make it immune to inflation.
Crypto Analyst Updates Outlook on Bitcoin and Litecoin as Market Shows Little Interest in LTC
Crypto analyst Michael van de Poppe believes that Bitcoin is still experiencing a correction but remains in an overall uptrend. He suggests that instead of hoping for a price of $12,000, it is important to focus on potential support levels.
Litecoin Consolidates Ahead of Halving Event with Potential for Continued Upside
Litecoin is currently consolidating around $91, just above its 50 and 100-Day Moving Averages. The upcoming halving event, which is only 70 days away, will see the block reward decrease from 12.5 LTC to 6.25 LTC, resulting in a drop in the inflation rate from 3.67% to 1.8%. Despite macro headwinds, Litecoin's technical set-up suggests short to medium-term upside, with a retest of annual highs to the north of $100 per token on the cards. However, investors hoping for Litecoin to reach $1,000 per token in 2023 should temper their optimism, as it would require a 10x increase from current levels in a short period of time.
Litecoin Price Eyes Upside Break, Could Rally Towards $100 and $105 Levels
Litecoin is making an attempt to break above the $93 resistance level against the US Dollar, which could lead to a rally towards the $100 and $105 levels. The price is currently consolidating above $90 and the 100 simple moving average (4 hours), with a key contracting triangle forming with resistance near $92.50 on the 4-hour chart of the LTC/USD pair.
Litecoin Futures Open Interest Surpasses $420M, Up 22% Year-to-Date Ahead of Halving Event
The open interest for Litecoin futures derivative contracts has increased by 22% year-to-date, surpassing $420 million globally. This growth is the highest observed since the beginning of 2022, and it may be influenced by several factors, including the upcoming halving event for Litecoin.
60% of Litecoin Holders in Profit Despite More Short Positions Than Long Positions
As of May 22, 60% of Litecoin (LTC) holders were in profit, with 50.55% of the total supply held by retail investors, according to data from IntoTheBlock. The LTC network also experienced a surge in transactions of more than 397%. Despite higher short positions than long positions at press time, LTC has seen impressive growth this year, with the halving approaching and LTC20 assets picking up.
Investors Turn to Litecoin and Avalanche As Bitcoin Experiences Outflows
Despite the fifth consecutive week of outflows in the crypto investment products market, Litecoin and Avalanche saw some investment inflows last week. Germany led in terms of regions with the highest outflows, accounting for 73% of the total. However, Litecoin and Avalanche recorded $0.3 million and $0.7 million in inflows, respectively, into exchange traded funds and other products. Bitcoin represented most of the negative sentiment with $33 million worth of outflows, while Ethereum recorded $1 million in outflows. Short bitcoin products also saw minor outflows of $1.3 million for the week.
