Forecast of Litecoin Price as Halving Event Near - Can LTC 10x From Here?
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After plunging as low as $88 this morning, the price of #Litecoin (LTC) has rebounded somewhat, with its current level of $89.26 marking a 2% loss in the previous seven days.
$LTC is also down 8% in the previous two weeks, despite being up 27% since the beginning of the year and 59% in the last year.
Moreover, with Litecoin's halving slated to take place in the next eight days, LTC might soar even further, perhaps making it one of the most rewarding major cryptocurrencies of the summer.
Forecast of Litecoin Price as Halving Event Near-Can LTC 10x From Here?
This morning, Litecoin has plunged along with the rest of the market, with yesterday night's plunge - triggered in part by the likelihood of another Fed rate rise this week - driving its indications south.
The coin's relative strength index (purple) has dropped to 30, but it's now starting to climb again, going towards 40, indicating that the drop will be brief.
Meanwhile, LTC's 30-day moving average (yellow) has slipped further below its 200-day moving average (blue), approaching the point where it may have to start rising again, along with the altcoin's price.
But, with the coin's support level (green) creeping lower during the last week, it can't be ruled out that it will have to suffer a bit longer before things improve.
But, with Litecoin's next halving scheduled on August 2, the situation could improve quickly.
After the unexpected price increase in #memecoin earlier today, traders have flocked to #Dogecoin. With the August 2nd #halving swiftly approaching, #Litecoin interest has risen to week highs, and #Ethereum should be monitored as well.
Like with Bitcoin halvings, the block reward given to miners - now at 12.5 LTC will be slashed by 50%, making the cryptocurrency scarcer over time.
As a result, LTC's price should rise in the long run, however we may also witness a spike in the days running up to the halving.
LTC might rebound to $100 during the next week from its present position of about $89, with the market's return to more optimistic circumstances possibly driving it up to $150 by the end of the year.
If the market turns bullish in 2024, LTC might hit $200 or $250 by the middle of the year.
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