Litecoin (LTC), often referred to as the “silver to Bitcoin’s gold,” Undergoes a halving event approximately every four years, reducing the block reward miners receive for validating transactions. This scarcity mechanism has historically led to price surges in the cryptocurrency market.
The upcoming halving is expected to happen on August 2, 2023, specifically at block 2,520,000. However, it’s important to note that the exact date may be subject to change due to fluctuations in the network’s hash rate. The halving event will reduce the block reward earned by miners, thereby increasing scarcity and potentially influencing the price dynamics of Litecoin.
Renowned cryptocurrency analyst Michael van de Poppe suggests Litecoin appears poised for a pre-halving rally, potentially following in the footsteps of Bitcoin Cash (BCH) with a 2x increase in value.
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Van de Poppe’s observation of a pre-halving rally suggests that Litecoin’s upcoming halving event could serve as a catalyst for significant price appreciation. Drawing a parallel to the price action of Bitcoin Cash, which experienced a substantial increase in value over the last week of 116.40%, Van de Poppe implies that Litecoin may have the potential to double in value.
Litecoin price analysis
Litecoin is currently trading at $96.64, showing a significant increase of 15.06% within the day and a notable rise of 11.72% over the past week. These positive price movements have contributed to Litecoin’s market capitalization reaching approximately $7 billion.
The highest price for Litecoin in the past 12 months was $105, this was 20 weeks ago, and Van de Poppe has repeatedly highlighted the favorable outlook for Litecoin, emphasizing its strong performance and promising indicators.
CoinCodex technical indicators, the current sentiment is Bullish, while the Fear & Greed Index is showing 54 (Neutral). Litecoin recorded 17/30 (57%) green days with 7.89% price volatility over the last 30 days.
Litecoin is currently trading above the 200-day simple moving average (SMA). The 200-day SMA has been signaling ‘BUY’ for the last 9 days, since June 20.
The price of Litecoin is currently above the 50-day SMA, and this indicator has been signaling ‘BUY’ for the last 2 days since June 27.
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