Litecoin Price: LTC Halving Event is 100 Days Away; What to Expect

Litecoin price was trading higher connected Monday, wiping immoderate of its losses from its erstwhile trading session. The coin’s marketplace headdress has accrued by 2.59% implicit the past day, portion the full measurement of LTC traded jumped 39.96% higher. The altcoin was trading 1.37% higher astatine $89.94% astatine the clip of writing. Litecoin is presently the 13^th largest cryptocurrency by marketplace capitalization, aft Binance USD and up of Shiba Inu.

Litecoin terms has been nether aggravated unit for the past fewer days, plunging much than 12% successful the past week. The altcoin has dropped much than 17% from its highest level this twelvemonth but remains 34% supra its lowest constituent successful 2023.

Most altcoins, including Litecoin, person been successful the reddish for the past fewer days amid a crisp diminution by Bitcoin. Bitcoin, the largest cryptocurrency by marketplace cap, has posted a 9% plunge implicit the past week, dropping beneath $27,500. As the largest cryptocurrency, galore altcoins thin to determination successful tandem with its performance. BTC’s full marketplace headdress has crashed to $529 cardinal implicit the past fewer days, with its dominance successful the crypto marketplace declining.

The caller downtrend successful the crypto marketplace has besides seen astir altcoins diminution implicit the past week with XRP, Cardano, Dogecoin, and Polygon, falling by 9.44%, 12%, 14.52%, and 14.55%, respectively. Concerns implicit macroeconomic factors person been pushing crypto prices lower. Markets person been successful jitters up of the Fed’s adjacent monetary argumentation gathering successful May arsenic traders terms successful a 25-basis point. Hints that the US Central Bank mightiness o.k. different involvement complaint hike successful June aft the 1 expected successful May, whitethorn proceed weighing connected the LTC price.

Even so, Litecoin’s 3rd halving lawsuit slated for August 2, 2023, mightiness pump the coin’s terms higher. The halving lawsuit is simply a programmed alteration successful the proviso complaint of caller coins successful a cryptocurrency’s blockchain. Historically, LTC’s halving events person ever seen the Litecoin terms skyrocket. In the run-up to its past halving lawsuit successful 2019, the LTC terms soared by 375%. If past repeats itself, LTC terms could commencement gaining with its halving lawsuit astir 100 days away. However, macroeconomic factors could travel into play and impact the terms of the asset.

The regular illustration shows that the Litecoin terms has been connected a steep diminution for the past fewer days, falling 12% successful the past week. The altcoin has managed to driblet beneath the 50-day and 100-day moving averages, portion moving beneath and supra the 50-day and 200-day exponential moving averages, respectively. The Moving Average Convergence Divergence (MACD) indicator is bearish.

I expect the Litecoin terms to tick higher successful the mean word arsenic buyers oculus the adjacent absorption levels astatine $93.50 and $100. On the flipside, a determination beneath the important enactment level astatine $83.30 volition invalidate my bullish thesis.