Litecoin (LTC) Price in a close area, but open interest increases

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litecoin (LTC) is one of the cryptocurrencies that have been one of the losers in the cryptom market in the past few days due to a close range of price changes. With a decline of almost 10 % last week, the price of LTC is now around $ 92, which is 0.47 % below yesterday. Compared to the highest level of $ 152 this year, this is a significant decline. Nevertheless, Litecoin's open interest remains at an increased level.

The open interest in Litecoin has increased significantly in the past few days. After the judgment of Ripple Labs against the US stock exchange supervisory authority SEC, the Open Interest reached a maximum of over $ 611 million. Since then it has increased to over $ 500 million, which is higher than the average in June. Binance, the largest crypto exchange in the world, contributes most to this, with an open interest of over $ 202 million. Okx and Bitget follow with $ 135 million or $ 83 million.

Open interest is an important indicator of the amount of open orders in the futures market and indicates a higher demand for a certain cryptocurrency. Overall, most major cryptocurrencies are currently increasing an increase in the open interest. Ripple (XRP) achieved the highest level of level this year with a value of over $ 1.1 billion. Here too, Binance, BYBIT, Bitget and OKX have a significant contribution to this.

Another important factor that will influence the Litecoin Prize in the near future is the upcoming Litecoin-Halving in August. During this event, the block rewards in the Litecoin ecosystem are reduced. Historically, cryptocurrencies tend to experience a rally in front of a halving.

The current price chart shows that Litecoin has recently experienced a bearish outbreak and has fallen under important levels of support. It is now under the support of $ 105.75 and also with the support of $ 97.7. It is positive, however, that the price has not yet fallen below the exponential moving average (EMA) of the last 50 and 100 days. However, the price is already on the 50-MA line.

There is still a certain Bullish mood on the market and as long as the LTC course over the two average lines remains, there is the possibility that the coin will continue its upward trend. The next levels to be observed are 97.80 and $ 105.75.

The development of the Litecoin price remains exciting, and investors should carefully observe the current developments in order to be able to make sound decisions.