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- 1 Litecoin halving will take place in AUG 2023 which will increase the scarcity of the asset
- 2 Litecoin has not performed greatly as compared to Bitcoin within a past couple of months. It is down by 2.45% in the BTC pair.
Litecoin was created in 2011 by Charlie Lee and has gained a huge popularity since then. LTC is often referred to as the “silver to Bitcoin’s gold” . Litecoin has a very fast transaction processing time with very low transaction fees. Litecoin’s use of a different mining algorithm called Scrypt, which requires less computational power compared to Bitcoin’s SHA-256 algorithm. Litecoin halving event will happen around August 2023. The Litecoin halving means slow down of LTC mining which will give it a scarcity to asset with a boost in price. LTC halving event might push the asset price towards a bullish trend. Litecoin has seen a fall of approximately 77% from its all time high of $413. Various analysts are expecting a strong growth in price in near future.
LTC has a market cap of $6.6 Billion and is ranked 13th in the cryptoverse. Litecoin has processed over 8 Million transactions this year. Volume to market cap of LTC suggests a consolidated trend in price.
Are Bulls Not Favoring LTC Price?
Litecoin has not seen a strong growth as compared to their competitors. It has seen a slight growth from $70 to $96 in the past week. On the daily chart it is trading near the value of $92 with a drop of 1.5% in intraday session. The upside trend of LTC can see a resistance near the value of $100.Meanwhile the support of the asset price can be seen near $80.Litecoin is currently trading above the 50 and 100 Daily Moving Average. The 50 DMA line is currently acting as a support for the asset price. If it breaches below it then a downside trend in price can be seen in the future.
MACD signal lines are currently suggesting a weak upside trend in price. Bars of MACD are also favoring an upside momentum in price.
Conclusion
Litecoin halving can be seen in Aug 2023 which can boost the asset price. It is currently in a weak consolidation but can see a breakout to a new high in future.
Technical Levels
Major Support:$80
Major Resistance:$100
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
