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- The next halving is due in 6 months.
- The difficulty level reaches its ATH.
- LTC showing strong signs of sharp rise.
The next halving for Litecoin is scheduled in the next 250 days. This halving will bring the maximum supply to 84 million LTC and a 2.5-minute block interval. This event occurs every 4 years, and every time the token becomes more scarce than before. Also, the mining difficulty for LTC reached its ATH with the current $LTC difficulty at 20.00 M at block 2,376,538. All these aspects provide strong support to the price and help it prepare for the big launch.
The Monoscopic View
The price forms a bullish flag intending to surge closer to the $100 price range. The price action moves to the ceiling of the Bollinger band, which displays high volatility and aspects of future rise. The volume of trading also rises by nearly 20%. This provides strong backing to the bullish momentum in which the price moves.
The CMF indicator escalates straight up as the price is fully bullish and forms an uptrend. It may take a dip before surging with greater force. The RSI indicator floats closer to the 70-mark boundary and shows active buyers participating in the market. The MACD indicator turns strongly bullish after the divergence, with the signal line below the MACD line and both parties functioning above the baseline. It may take a step back and gain more momentum to burst wider.
The Microscopic View
The price continues to form the pattern for the bullish flag. The CMF indicator dips and retraces to the 0-level, sloping upwards, displaying future surges. The RSI indicator moves closer to the 50 range but still faces the higher ranges and may rise to the ceiling range. The MACD indicator converges from the bearish mode to transform bullish with diminishing red histograms. It may undergo bullish divergence with a wider distance between the lines and function strictly above the baseline.
Conclusion
The halving and rise in the mining difficulty have sent the market for the token to go bananas and spread a mist of zeal around the holders. This little dip may be the best time to enter the race to earn the “chicken dinner” as the price aims to reach $100, outperforming other coins.
Technical levels
Support levels: $65.09 and $59.73
Resistance levels: $96.32 and $103.60
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
