Litecoin Price Prediction as Halving Event Approaches – Can LTC 100x From Here?
The price of Litecoin (LTC) has recovered a little after falling as low as $88 this morning, with its current level at $89.26 representing a 2% drop in the last seven days.
LTC is also down by 8% in the past fortnight, although the altcoin is up by 27% since the beginning of the year and by 59% in the last 12 months.
And with Litecoin's halving set to happen in the next eight days, LTC could be set to rise yet again, potentially making it one of the most profitable major cryptocurrencies of the summer.
Litecoin has fallen along with the rest of the market this morning, with last night's dive – caused partly by the expectation of another Fed rate hike this week – having the result of sending its indicators south.
The coin's relative strength index (purple) had plunged to 30, yet it's just about beginning to rise again, moving towards 40 in a possible sign that the dip will be shortlived.
At the same time, LTC's 30-day moving average (yellow) has fallen further below its 200-day average (blue), nearing a point at which it may have to begin rising again, along with the altcoin's price.
However, with the coin's support level (green) slipping further down over the past week, it can't be ruled out that it may have to take a little more pain before the picture improves.
Although the picture should definitely improve soon enough, what with Litecoin's next halving due to take place on August 2.
As with Bitcoin halvings, Litecoin will see the block reward paid to miners – currently at 12.5 LTC – cut by 50%, something which will make the cryptocurrency scarcer over time.
In turn, this should help push up LTC's price in the longer term, although we may also see a rally for the altcoin in the days leading up to the halving.
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