Litecoin (LTC) worth has soared over 110% in a yr, with over 50% rally coming inside a month. Litecoin historic knowledge signifies LTC worth tends to rally a number of weeks previous to its halving and fall much more shortly after the halving occasion.
A number of high analysts and merchants similar to Peter Brandt noted Litecoin’s 30% soar in a day, breaking its yearly excessive above $114. He mentioned “main breakout” in LTC worth. Litecoin at the moment trades at $106.
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Well-liked crypto analyst Rekt Capital on July 4 shared the historic worth motion of Litecoin close to its halving occasions. Over the past two halving occasions, LTC worth rallied a number of weeks forward of halving and fell considerably instantly after the halving. It fell 73% in 2015 and 83% in 2019.
Nonetheless, LTC worth tends to rally after consolidating for months. Thus, merchants have to preserve an in depth eye on the value motion.
$LTC Pre-Halving Rally replace#LTC has reached Multi-12 months Downtrend (orange)
However LTC has overextended previous the Downtrend in earlier tops (yellow circle)
Quickly closing overextension earlier than Pre-Halving high happens in subsequent weeks?
Adopted by deep retrace (~70%)#Crypto #Litecoin https://t.co/XUz1Woukog pic.twitter.com/id5RnjOMb3
— Rekt Capital (@rektcapital) July 4, 2023
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In the meantime, Michael van de Poppe predicts LTC worth to proceed upside momentum. Nonetheless, he’s to get an add-on going at $99-102 on this one. It can supply a chance for buyers to build up Litecoin on the dip because it strikes up close to its halving.
Litecoin creator Charlie Lee predicted LTC to outperform Bitcoin after the Litecoin halving occasion in August. He predicted at the least a ten% rally in LTC worth towards BTC, with LTC/BTC worth at 0.025. At the moment, LTC/BTC worth is buying and selling at 0.003, method beneath the focused worth.
As per the Litecoin halving countdown, halving is predicted to occur on August 2 at 21:53:57 UTC. At the moment, the LTC block reward is 12.5 cash per block and can lower to six.25 cash per block post-halving.
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