Litecoin Price Hits 11-Month High Above $100

The price of litecoin was quoted in three digits across cryptocurrency exchanges earlier today.

The fifth largest cryptocurrency by market capitalization jumped to $107.71 at 02:00 UTC, the highest level since June 12, 2018, according to CoinDesk's Litecoin Price Index.

The bullish move has stalled in the last few hours with the price currently trading around $94, representing a 1 percent gain on a 24-hour basis.

Litecoin isn't the only crypto rallying today, either.

The leading cryptocurrency by market value printed a fresh 10-month high of $8,360 in Asian trading hours today, only to quickly fall back below $8,000, as per CoinDesk's Bitcoin Price Index.

On Aug. 6, the reward for mining coins on litecoin's blockchain will drop from current 25 LTC to 12.5 LTC. The process, aimed at curbing inflation, is repeated every four years and markets tend to price in the supply-altering event well in advance, according to historical data.

LTC/USD jumped above $100 earlier today, as expected, having witnessed a falling wedge last month and an inverse head-and-shoulders breakout on May 14.

The bullish price action is accompanied again by an overbought reading an on the relative strength index.

With reward halving due in less than three months, pullbacks, if any, will likely end up fueling stronger price rallies toward $155, which is the 38.2 percent Fibonacci retracement of the sell-off from December 2017 highs to December 2018 lows.

Litecoin image via Shutterstock; charts by Trading View.