Litecoin Price Analysis Amid Countdown to the Halving Event

Litecoin price has been successful a steep freefall since the commencement of July aft ending the erstwhile period astatine a multi-month high. The altcoin has crashed by much than 17% implicit the past 5 days but remains 36.78% higher successful the twelvemonth to date. LTC’s full marketplace headdress has slipped by astir 8% implicit the past 24 hours to $7 billion, with the full measurement of the plus traded implicit the aforesaid play dipping by much than 6%.

What’s Driving LTC?

Litecoin terms has been successful the reddish for the past fewer days up of its fast-approaching halving lawsuit slated for August. The crypto marketplace has been successful jitters for the past fewer days arsenic investors digest the Fed’s gathering minutes for June. The minutes signaled the likelihood of different involvement complaint hike this month. Traders are pricing successful an 88% accidental of a 25-basis constituent hike successful the US Federal Reserve’s gathering for July.

The planetary crypto marketplace headdress has crashed by much than 3% implicit the past time to $1.17 trillion, portion the full crypto marketplace measurement accrued by 6%. A look astatine the Crypto Greed and Fear Index indicates a diminution successful assurance among investors. The Index has dipped from a Greed level of 63 to a neutral level of 59 amid macroeconomic concerns.

Despite its downfall, excitement by investors astir the halving lawsuit has prevented the altcoin from falling further. With this lawsuit conscionable astir the corner, whales person already started making their moves, driving involvement successful the crypto plus higher. As such, the LTC terms has jumped by 13% successful the past week.

The Litecoin halving lawsuit is acceptable to instrumentality spot connected August 02, 2023. The archetypal LTC halving lawsuit took spot successful 2015 and the past halving lawsuit happened successful 2019. This lawsuit astir happens each 4 years oregon aft the mining of 840,000 blocks, wherever the artifact reward is reduced by half.

By halving the artifact reward, Litecoin aims to support a controlled and constricted proviso of its tokens implicit time. This attack is based connected the content that with the scarcity successful supply, determination volition beryllium an summation successful demand, frankincense driving the LTC terms higher. According to astir crypto experts, the Litecoin terms usually doubles conscionable earlier a halving event. Investors expect the LTC terms to skyrocket by much than 300% aft the event.

Litecoin Price Analysis

Litecoin terms has slipped from its multi-month precocious of $115 implicit the past week up of its halving event. Even so, the altcoin has remained supra the 50-day and 200-day exponential moving averages, portion its Relative Strength Index (RSI) moved somewhat lower, beneath the awesome line.

As such, determination is simply a likelihood that the Litecoin terms volition proceed to determination higher successful the mean word arsenic the highly anticipated halving lawsuit approaches. If this happens, the contiguous absorption level to ticker volition beryllium this year’s precocious of $115. However, a determination beneath the important enactment level of $93.30 volition invalidate the bullish thesis.