Litecoin halving bullish for Litecoin! While we continue to wait for Bitcoin to make a move, Litecoin is one of the few cryptos that are rising.
There are 60 days left before the Litecoin halving – Litecoin’s price has gone from $102 a few hours ago to around $117.00. Litecoin’s daily volume has climbed to 7 billion.
Litecoin has recovered from its losses over the past week, while Bitcoin, its literal big brother, is down almost 7%. @CryptoFibonacci has been eyeing the LTC charts for quite some time and he predicts that Litecoin will continue to rise.
$LTC Daily Chart.
Said last night that I liked the price action. I still like it. Expecting another retest of 122-124 area fairly soon, IMO.#LTC pic.twitter.com/NAG8eXRNgr
— CryptoFibonacci (@CryptoFib) June 7, 2019
The supports are clearly defined by the moving averages and the next resistance level is an easily breachable $120. The current momentum for Litecoin is bullish, and the upsides for Litecoin outweigh any downsides that may come from Bitcoin.
The big push is coming from the Litecoin Halving, which is happening in just 60 days. The block reward halves from 25 to 12.5 – this has the effect of decreasing the supply while increasing the difficulty to mine new coins. Halving is built into codes like LTC and Bitcoin to control inflation and ensure network longevity.
Currently, Litecoin’s inflation is 8.83% and in 60 days, it’ll drop to 4.26%. Halvings usually result in a bullish run-up – Litecoin is expected to have a bullish run up as is Bitcoin when its halving occurs in May of 2020.
Litecoin’s Hash Rate is also at an all time high of 374T as its difficulty – this measure of computational horsepower on the network and the number of miners supporting the token is extremely bullish for demand and price.
Back in January of this year, Litecoin was $30 a token – it has since surged 275%. Could we see $200.00? We think so. Litecoin, along with many cryptocurrencies, went parabolic in December of 2017, touching a high of just over $360.00 in less than 2 weeks. A move from $117 to $200 does not seem too farfetched.
One thing is certain – we’re going to see a lot of action in the next 60 days from Litecoin. Will you be jumping in? What do you think of the Litecoin halving? Let us know on our Facebook page!
