> ## Content Index
> Fetch the complete content index at: https://www.metatalks.ai/llms.txt
> Use this file to discover other available public pages before exploring further.

# Litecoin Major Breakout Amid Surging Hash Rate and Upcoming Halving Event
- URL: https://www.metatalks.ai/litecoin-major-breakout-amid-surging-hash-rate-and-upcoming-halving-event/
- Published: 2023-07-03T19:29:17.000Z
- Updated: 2023-07-03T19:29:17.000Z
- Author: Katelyn Chow
- Tags: #helen

Litecoin surged past the $100 mark in an impressive move on Friday, buoyed by a soaring hash rate and growing anticipation of the [approaching halving event](https://www.metatalks.ai/litecoin-like-a-hidden-gem-in-a-difficult-market/).

![](https://lh6.googleusercontent.com/9lNo1UpzDScFPesoXtSJmWchNADmNcEYyRzR1LEn-isStXKrVEzo7Yp1OiGgBiGOX_F_JFdvLsjAHRC9uFdEGJGd3nGbTrb6kq9GoXYfHlnUUMQUq6S5UxKijUDowxqJT8LX3IBCDkXKWIlzlcA2MkcIV1Y9XP60)

The token is up about 30% in the last seven days and [rejoined](https://coinmarketcap.com/?ref=metatalks.ai) the top 10 cryptocurrencies by market capitalization, sitting on the 9th with a capitalization of $8 billion.

![](https://lh6.googleusercontent.com/eQD7my_m6VNBlAMEyqf-cRt0-5ozhyu6NgGwxlnAMoSFNmL4_0a4Q5WYiLscvjrd0qClXUN8_PSFAmT8g5N2DAZd4pI4kDEPNdVqBOgoiJ4s_Lqjt8JZaVeEZhwI7MLLAmNtKh5ufZxatSB021zUSx8ALsC1DcRC)

Such a surge in Litecoin’s price seems to be fueled by a skyrocketing hashrate and mounting anticipation of the upcoming halving event, which is only [30 days away](https://www.oklink.com/halving?ref=metatalks.ai) at the time of writing. The estimated date of the third Litecoin halving event is August 2, 2023, when the current block reward for the *proof-of-work* altcoin will be reduced to 6.25 LTC.

![](https://lh5.googleusercontent.com/6-DhXiOMIXpdyJ_QflgoujgEDpPMo6MVUJFSI0-7sgJi-AU9gZqXc7ZlisB_NoUhwgxNHj_cv1keMqbOS0m5wbSWT5YTkAbx2VFPqqiyUwgUAc5nxGQ0Sv7Bwedv_UGR_OAcAWbgPNnsfXpIWTDj9M9jf5Nu83Fs)

Litecoin had quite an interesting second quarter, setting a new record in transaction count. According to IntoTheBlock, for the first time, the Litecoin network processed over 500,000 daily transactions, which is comparable to the Bitcoins count (Bitcoin reached a record 600,000 transactions per day this quarter).

![](https://lh6.googleusercontent.com/XPz_YlqpWCyP7o3yRIknW2cqDrNgsPz7mk2dRiTzqfnIdheZceqVg5GrCqz0gNSTulDGGRxZ_4i_ju8zQsTrjdAFpeFqP1kww1Ln3r__n3hf3jzXIihDEouLB19t2aiBDku6N6G3wyDKY1mrg_r4dxj-u10ouNAu)

Meanwhile, prominent analyst [Scott Melker](https://twitter.com/scottmelker?ref=metatalks.ai) highlighted the significance of surpassing horizontal and descending resistance levels on the 1-day timeframe. Melker [identified](https://thewolfden.substack.com/p/the-wolf-den-764-these-numbers-will?sd=pf) the crucial threshold of $107 as the key level that needs to be overcome for a clear upward trajectory toward higher prices.

![](https://lh3.googleusercontent.com/1ZXsOMYiXmv1MlbkgopgEXrubih0dv02ya6JCpcZsCDxmIJPa_DS4Jyyp_Hzi5sg3BUZ4kNKKSziz0ocDyPPtu52Z0JbMCVyo6TyLeo6cCFIaJbMCFFUjy48S_oCgZmRA5F8MctZroXv0kkuS1nXWYCdApm6Plb9)

*“The descending blue line is the key resistance, since the all time high. The blue zone has been the main resistance for over a year. A close above $107 and that zone will be cleared. Keep an eye on this,” —* [*Scott Melker*](https://thewolfden.substack.com/p/the-wolf-den-764-these-numbers-will?sd=pf)*.*

![](https://lh5.googleusercontent.com/oW6MOoJcowel33gysQPrr5dC-1ceyNivXjtI_eq5V_1-uRvaoICsJvPZjJPTbSXNDzeQLUWzojaqV32YltxbfpNZOR4iG7WmaSsxP6aNqSxKekF_CkXfWwKiVESsjTh7dLaj8Q6NDRlBbYlL-iOJs741bHSuSInC)