LTC event – As we all know Litecoin halving event scheduled on 02 August 2024
On August 2, 2023, Litecoin will undergo its third halving, which will reduce block rewards from 12.5 LTC to 6.25 LTC.
According to TWN research team, the cryptocurrency gained traction when the halved countdown began.
Nonetheless, given the present regulatory environment and Bitcoin price volatility, Litecoin expectations have lately been tested.
However, the alternative token is gaining traction as it prepares to be halved in six weeks.
#Litecoin has a long-standing history. It is among a handful of assets that has attained ‘digital commodity’ status besides bitcoin. The bearer asset was made available for purchase in Hong Kong in early June.
Reward halving from 12.5 LTC -> 6.25 LTC in 4⃣0⃣ days pic.twitter.com/6L3mPHFUGt
— $UPΞRŁAτiVΞ HARRY 🦎🛸 (@princeharry_za) June 21, 2023
The upcoming halving of Litecoin
The halving of Litecoin occurs after the minting of 840,000 blocks, which takes around four years. As previously stated, the event would reduce block rewards by 50%.
The currency is set for its third halving, following the previous two in 2015 and 2019.
Advantages of Cutting in Half
Assets benefit from halving because they create scarcity.
This raises demand, resulting in significant price hikes for the underlying token.
Meanwhile, market participants always anticipate upticks during the event, potentially catalysing pre-halving optimistic rallies.
Bitcoin and Litecoin show these characteristics months or weeks before the halving, with significant price increases.
Investors in LTC anticipate similar moves ahead of the crypto’s third halving.
With around six weeks until the event, aficionados should keep an eye on the price of Litecoin as it may indicate future price increases.
Litecoin price outlook
On Wednesday, cryptocurrency prices were in the green.
This is in response to growing engagement from premier institutions. According to Invezz.com, the market has gained traction following the recent Spot Bitcoin EFT registrations by BlackRock, WisdomTree, and Invesco.
Meanwhile, Litecoin has seen a 12% increase in value over the last five days.
While FOMO may be present, traders should exercise caution before acting. The alternate currency is expected to revive players.
Stability over the $82 – $85.45 barrier level would spark a bullish surge. At press time, Litecoin was trading at $84.01, up around 10% from the previous day.
The present broad-based surge has contributed to LTC’s remarkable day-to-day performance.
Within the last 24 hours, the cryptocurrency market has seen spectacular positive moves.
The Litecoin pre-halving fractal predicts a 200% price increase by July 2023.
Since its inception in October 2011, Litecoin’s value has been cut in half twice.
The first occurred in August 2015, when the block reward was decreased from 50 LTC to 25 LTC.
The second occurred in August 2019, when the 25 LTC incentive was reduced to 12.5 LTC.
Interestingly, each Litecoin halving occurrence came after a turbulent LTC price cycle, which included a big price pump, followed by a similarly massive correction, a price bottom, and rebound to a local peak.
Following the Litecoin halvings as we said in last post , LTC’s price corrected from its local peak, formed another bottom, and then exploded to a new record high, as illustrated below.
The third halving of Litecoin is expected for July 2023. Meanwhile, market watchers are pointing out that LTC’s price is following the same pre-halving trajectory as before the 2011 and 2019 incidents, and is currently in the bottoming-out stage.
An independent market expert, The Scalping Pro, added momentum indicators MACD and RSI to back the bullish forecast.
Momentum indicators forecast possible trend reversals by determining an asset’s oversold and overbought states.
On a weekly basis, LTC’s RSI and MACD have become severely oversold, coinciding with market bottoms prior to past halving occurrences.
As a result, the expert believes it is a strong signal for another large LTC price surge.
#Litecoin ✍️ 1/5🧵 $LTC is forming similar pre-halving bottom structure like we saw in 2015 & 2019 bottom.
1) Bottom
2) Local Top
3) Halving correction
4) Post halving pump (ATH)We are still EARLY ?? 👇#LTC #Litecoin pic.twitter.com/CBwwcXViA6
— Mags (@thescalpingpro) November 2, 2022
Will the price of LTC reach $180 by July 2023?
If Litecoin has actually bottomed out at $40 in June 2022/ $96 June 2023, it may experience a new local peak.
Drawing Fibonacci retracement graphs between Litecoin’s pre-halving correction peaks and bottoms illustrates the potential of the cryptocurrency testing the 0.236 and 0.382 Fib lines as upside objectives.
In the current scenario, Litecoin’s 0.236 and 0.382 Fib lines coincide with approximately $130 and $180, respectively.
If Litecoin confirms $40 as its bottom, these levels might become possible local tops. In other words, a 100%-200% price increase by July 2023 based on current prices.
| Disclaimer – The information provided in this article is solely the author’s opinion and not investment advice – it is provided for educational purposes only. By using this, you agree that the information does not constitute any investment or financial instructions. Do conduct your own research and reach out to financial advisors before making any investment decisions. |
