Litecoin Halving: To the Moon or Back to $40?
The most significant update for Litecoin, the halving, is only a millimetre away! The miner's payouts are cut in half, and eventually, the number of new LTC coins that are issued is likewise decreased by half. This is typically viewed as a positive development for cryptocurrencies using the Proof-of-Work consensus algorithm. Additionally, the value of cryptocurrencies experienced a huge increase during the pre-halving phase.
The LTC price is steadily falling and unable to regain the lost levels now that the Halving phase is only a few days away. As a result, it is presumed that the impact of the halving may have diminished, but in reality, the price is gaining ground and will soar until it reaches the edge of the consolidation.
• Breaking through the critical support, Litecoin signals the potential for an extended bearish trend while remaining unaffected by the impending halving.
• Despite the rally's inability to provide the expected halving effect, it has the potential to successfully break out above $150 and reach $200.
Due to the development of an ascending triangle pattern, the present trade setup suggests a probable breakout pattern. If the upper resistance is broken, the price will rise another 180% after already rising by 150% from the most recent low. As was already noted, the price is currently moving within an ascending triangle on a weekly basis. This, along with the recent surge in volume, raises the possibility of a trend reversal and more volatility to jolt weak purchasers.
As a result, a slight decline towards $80 looks to be imminent, which might start order block operations. Additionally, a breakout above the $110 resistance level might push the price of LTC to its initial target of about $190 and further attempt levels around $330. In contrast, a bearish scenario can be triggered if the price drops below $75, thus traders must exercise caution if the bulls fail to force a reversal at the support level.
Traders and investors are keeping a close eye on Litecoin price prediction in the coming weeks. Their goal is to assess which direction LTC will take and whether it can overcome the bearish pressures to reach new heights or experience a cooling phase, as observed in previous halvings.
Some Analyst Tweets to be focused - Captain Faibik and Benjamin Cowen
Yes mate, I've always told folks that although the halving in itself doesn't automatically mean it will push up the price by itself, but the factor of price change in crypto is the ultimate driving force behind price increase, which is buying/selling activities of traders on LTC. The only thing the halving does is that it reduces the amount of pressure needed to either push up the price, since there's going to be scarcity of the coin, which means the amount of money needed to push up the price too won't be as much as before the halving, and we can see this play out in how traders have been engaging LTC on Bitget over the Pre-Halving event that has $60,000 and users have been trading to have some share in it. If such a thing happens across the crypto market in general, then we'll see an ultimate price increase which is undeniable.