Yesterday, the cryptocurrency market was enjoying its bullish movement, but today the market is again under the bearish pressure. The top ten currencies were going upward yesterday and gaining a surge in their prices and for everyone’s surprise, Litecoin has won the race among the other top ten cryptocurrencies in the market.
Litecoin’s value has been increased by 5% and on the other hand, the world’s largest cryptocurrency who regained its value above $11K has experienced an increase in its value by only 1%.
But, unfortunately, Litecoin and other top 10 now are trading under the bearish pressure and their value is decreasing. Currently, Litecoin is trading at the value of $119.55 USD and its value is decreasing by -3.26%. While Bitcoin is trading at the value of $11,227.34 USD and its value is decreasing by -3.82% at the time of writing. The year-to-date gain of Litecoin and Bitcoin was 305 and 217 respectively.
On the other hand, yesterday Ethereum and Ripple were not having any gains instead their values are decreasing by -3 and -6 respectively and their year-to-date gains were around 120 and 13. The other currencies such as Bitcoin Cash having a weekly decrease of -3 and the year to date gain of 162.
EOS’s was also experiencing a decrease of -4 and year-to-date gains of 133, Binance coin and Bitcoin SV were experiencing the weekly gains by 1 respectively and year-to-date gains by 481 and 124. Tron’s value was also decreasing by -4 and it is year-to-date gain was 73. And in the last Cardano, the currencies was the biggest loser and its value was decreasing by -10 and the year-to-date gain was 97.
This surging performance by Litecoin might be due to the mining reward halving, which is due on August 06, 2019. The target of the procedure is to restrict surging by decreasing the coins rewarded out for the mining on the blockchain of litecoin in half. Therefore, after the August 06, the currency miner will be getting 12.5 for every single block mined. That will be decreased by 50% of the present reward of 25 coins.
Importantly the miner will add fewer coins to the system and which will result in less circulation in the market. This might have assisted the Litecoin to surge in these seven days. On the other hand, it looks completely fine when a currencies surge further in a raise to an event and have restricted options upward. Yet, Litecoin has experienced immense growth this year and it has year-to-date gain above 300 percent. Litecoin has shown growth both on price and non-price metrics.
The hash rate of Litecoin has also increased up to as high as 468.1018 TH/s this week. It was on 146.2118 TH/s in December and it is increased by around 200 percent. The are chances that Litecoin will experience an immense pullback in the run-up to the halving high event of August 06.
Previously, at the time of halving of August 25, 2015, the value of the Litecoin won’t downhill from $8.72 to $2.55 just in the course of 6.5 weeks following up to the reward halving.
In a 3-day technical chart is also showing that the value will drop. The bullish higher lows and higher highs pattern is also complete. The RSI signal shows bearish divergence and 5- and 10- candle moving averages have also created bearish crossovers.
As the value risks were to falling at 200-candle moving average, which is at $221. Any breach will expose 50-candle MA which is at $83.00. And if the price will break above then the value of $140, then there will need to expose the big resistance which at the value of $182 (high of May 2018).