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Litecoin price (LTC) could surge by up to 200% by July 2023. halved Event, reduce miner block rewards by 50%.
Litecoin has undergone two halvings since its launch in October 2011. The first halving occurred in August 2015, reducing the block reward from 50 LTC to 25 LTC.of The second occurred in August 2019This reduced the 25 LTC reward to 12.5 LTC.
Interestingly, each Litecoin halving event follows a volatile LTC price cycle, i.e. a large price rally, followed by similarly large corrections, price troughs and localized highs. I was.
After Litecoin’s halving, LTC’s price corrected from local highs and established another trough, followed by a massive price rally to new record highs, as shown below.
Litecoin’s third halving is schedule Meanwhile, market analysts have already noted that the price of LTC has followed the same pre-half-life trajectory as before the 2011 and 2019 events and is now bottoming out.
Independent market analyst The Scalping Pro Added Dose of MACD and RSI momentum indicators to support a bullish outlook. Momentum indicators determine the oversold and overbought conditions of an asset to predict potential trend reversals.
On the weekly timeframe, LTC’s RSI and MACD are extremely oversold. This coincides with the market bottom that preceded the previous halving event. As such, analysts see this as a strong clue for another major price rise in LTC.
#LTC x RSI + MACD (1W) 2/5
MACD Crossover Breaks Below Zero Line Every Time WEEKLY RSI Enters Oversold Zone
marked #Litecoin historically lowest.
past record –
2015 ~ +36246%
2019 ~ +1333%
2022~??? pic.twitter.com/fRbY4VAkufMags.eth (@thescalpingpro) November 2, 2022
Litecoin could see a new local top if it actually bottoms out near $40 in June 2022.
Related: Research report outlines why crypto markets are on the verge of reversal
Drawing the Fibonacci retracement graph between the peaks and troughs of Litecoin’s pre-halving correction highlights the possibility of testing the 0.236 and 0.382 Fib lines as upward targets.
For example, in 2011, Litecoin established a local top at the 0.236 Fib line near $10 in July, six months after bottoming out near $1.31.
In 2019, the LTC price formed a local top at the 0.382 Fib line near $340 in June after rebounding from around $21 in December 2018.
In the current scenario, Litecoin’s 0.236 and 0.382 Fib lines match around $130 and $180 respectively.
These levels could be potential local highs if Litecoin confirms $40 as a bottom. This means that by July 2023, we will see a price increase of 100% to 200% when measured from current price levels.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. All investment and trading movements involve risk. You should do your own research when making a decision.
