07-04-2023, 10:23 PM
#1

Litecoin (LTC) price has soared over 110% in a year, with over 50% rally coming within a month. Litecoin historical data indicates LTC price tends to rally a few weeks prior to its halving and fall even more quickly after the halving event.

Several top analysts and traders such as Peter Brandt noted Litecoin’s 30% jump in a day, breaking its yearly high above $114. He said “major breakout” in LTC price. Litecoin currently trades at $106.

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Popular crypto analyst Rekt Capital on July 4 shared the historical price action of Litecoin near its halving events. During the last two halving events, LTC price rallied a few weeks ahead of halving and fell significantly immediately after the halving. It fell 73% in 2015 and 83% in 2019.

However, LTC price tends to rally after consolidating for months. Thus, traders need to keep a close eye on the price action.

$LTC Pre-Halving Rally update#LTC has reached Multi-Year Downtrend (orange)

But LTC has overextended past the Downtrend in previous tops (yellow circle)

Soon final overextension before Pre-Halving top occurs in next weeks?

Followed by deep retrace (~70%)#Crypto #Litecoin https://t.co/XUz1Woukog pic.twitter.com/id5RnjOMb3

— Rekt Capital (@rektcapital) July 4, 2023

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Meanwhile, Michael van de Poppe predicts LTC price to continue upside momentum. However, he is interested to get an add-on going at $99-102 on this one. It will offer an opportunity for investors to accumulate Litecoin at the dip as it moves up near its halving.

Source: Michael van de Poppe

Litecoin creator Charlie Lee predicted LTC to outperform Bitcoin after the Litecoin halving event in August. He predicted at least a 10% rally in LTC price against BTC, with LTC/BTC price at 0.025. Currently, LTC/BTC price is trading at 0.003, way below the targeted price.

As per the Litecoin halving countdown, halving is expected to happen on August 2 at 21:53:57 UTC. Currently, the LTC block reward is 12.5 coins per block and will decrease to 6.25 coins per block post-halving.

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