The most anticipated event of Litecoin halving is about to happen in just 150 days. Experts and investors are looking forward to a price hike.
Litecoin is one of the most discussed cryptocurrencies after Bitcoin which follows the same Consensus mechanism. Litecoin is sooner going to get under Halving which will cut its initial supply to make the toke more scarce. Investors and experts are always eyeing the event to do the Litecoin price prediction before it takes place.
As of 2023, the Litecoin network is preparing for its third halving. It is expected that the block reward will be slashed in half to 6.25 LTC per block by the end of the year. The news was later announced on Twitter by the Litecoin team on 5 March stating:
“One of the revolutionary aspects of Litecoin is its deflationary model. This means that the amount of Litecoin mined decreases over time, by 'halving' every 4 years and thus becomes scarcer over time. #Litecoin
The next Litecoin halving will be in 150 days.”
As the block rewards will get halved, there’s a huge chance that the prices will fluctuate severely as reported in the past which will eventually cause jitter in Litecoin price prediction.
Twitter experts have never stopped since the day analysis started. Many Twitteratti’s have shared their own analysis before the halving event to deduce a Litecoin price prediction.
There’s a post from Nov 2022 which is still at the top on Twitter by the name ELD Traders that says that Litecoin always dumps whenever it passes through the halving.
“Litecoin typically begins to rally months before the halving and then dumps hard just before it. We are getting close”
Mostly it has been witnessed that Litecoin dumps in value after the Litecoin Halving but the future is unpredictable and crypto is the future.
At the time of writing, the price of Litecoin is $70.95 USD, with a 24-hour trading volume of $1,179,954,361 USD. In the last 24 hours, Litecoin has dropped 16.22%. With a market cap of $5,140,582,905 USD, CoinMarketCap now ranks 15th. It has a maximum quantity of 84,000,000 LTC coins and a circulating supply of 72,451,265 LTC coins.
If we look into the broader picture, the Litecoin price has been declining since the 2021 price surge in May. Since then the LTC has seen many upward moments but never touched the ATH again. The trendline shows a steep downward movement of the graph which is a good and bad both sign.
Declining trendlines are always supported by a later bull run. As the prices go down below, investors come in and take the market above the horizon. But the bad thing about this trend is the Horizon we are talking about isn’t fixed.
The 100 Days moving average is also above the ongoing price movement. It’s at $120 at the time of writing while the actual price of LTC is trading at $70.
The 14 days RSI is at 44 which is a positive indication. If everything goes well, bulls will enter the market anytime sooner. Also due to the nearby Halving event, experts speculate a jump in the price.
The 24-hour Litecoin price research reveals that the cryptocurrency has been losing ground in recent hours. Today's price drop was unexpected, bringing the cryptocurrency's worth down to $69.84. Although a positive trend was evident in today's market, pushing the price up to its day's high of $72.76, the bears prevailed, causing the Litecoin price to fall.
The volatility has decreased significantly over the day, resulting in the Bollinger band average remaining at $76.54. In comparison, the top value of the Bollinger bands indicator is presently at $104.82, while the lower value is at $90.76.
The Relative Strength Index (RSI) has also dropped to 22.83, indicating that the market is oversold. If the downward trend continues, the price may go below the moving average (MA) level of $76.54.
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