Above $125: Litecoin Jumps to Highest Price in Over a Year

Litecoin's price hit its highest level in over a year on Monday.

The world's fourth largest cryptocurrency as per market capitalization rose to $128.07 at 12:00 UTC on Coinbase - the highest level since May 23, 2018 - and was last seen trading at $126, representing a 10 percent gain on a 24-hour basis.

Notably, the recent price action suggests LTC is leading the broader market higher.

The price increased from around $1.5 in May 2015 to hit a high of $7.00 in July 2015 before falling back to $3.00 post-halving, according to historical data.

If history is a guide, LTC continues to rise over the next four weeks before witnessing a bout of profit taking ahead of the Aug. 6 event.

The hash rate has hit a new lifetime high of over 400 trillion hashes per second today, according to bitinfocharts.com.

LTC continues to chart bullish higher lows and higher highs with the major moving averages aligned in favor of the bulls - the 50-day MA is located above the 100-day MA, which is holding above the 200-day MA. All three averages are trending north, indicating a bullish setup.

Further, the relative strength index is breaking higher from the consolidation, signaling a continuation of the rally from the price low of $66 seen at the end of April.

The indicator is well short of the high of 86.00 seen in the first week of May, meaning there is plenty of room for price rally in the weeks leading up to the reward halving.

Litecoin image via Shutterstock; charts by Trading View.