Litecoin Poised to Surge to $200 in ‘Pre-Halving Rally,’ Predicts Crypto Expert
Litecoin (LTC), often referred to as the "silver to Bitcoin's gold," undergoes a halving event approximately every four years, reducing the block reward miners receive for validating transactions. This scarcity mechanism has historically resulted in price surges in the cryptocurrency market.
The upcoming halving is anticipated to occur on August 2, 2023, specifically at block 2,520,000. However, it’s important to note that the exact date may change due to network hash rate fluctuations. When the halving event occurs, it will decrease the block reward miners earn, thereby increasing scarcity and potentially impacting Litecoin’s price dynamics.
Prominent cryptocurrency analyst Michael van de Poppe suggests that Litecoin is showing signs of a pre-halving rally, potentially following the footsteps of Bitcoin Cash (BCH) with a 2x increase in value.
Messy chart, but #Litecoin looks ready for the pre-halving rally and follow $BCH in a potential 2x.
Been mentioning it a few times, but it looks really good. pic.twitter.com/RYXolyDrvF
— Michaël van de Poppe (@CryptoMichNL) June 30, 2023
Van de Poppe’s observation of a pre-halving rally implies that Litecoin’s upcoming halving event could catalyze significant price appreciation. By drawing a parallel to the price movement of Bitcoin Cash, which saw a substantial value increase of 116.40% in its last week, Van de Poppe suggests that Litecoin may have the potential to double in value.
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Currently, Litecoin is trading at $96.64, demonstrating a significant 15.06% increase within the day and an impressive 11.72% rise over the past week. These positive price movements have contributed to Litecoin’s market capitalization reaching approximately $7 billion.
The highest price recorded for Litecoin in the past 12 months was $105, which occurred 20 weeks ago. Van de Poppe has consistently emphasized the positive outlook for Litecoin, highlighting its strong performance and promising indicators.
According to CoinCodex technical indicators, the current sentiment is Bullish, while the Fear & Greed Index shows 54 (Neutral). Over the last 30 days, Litecoin has experienced 17/30 (57%) green days and price volatility of 7.89%.
Litecoin is currently trading above the 200-day simple moving average (SMA), with the 200-day SMA signaling ‘BUY’ for the last 9 days since June 20. Additionally, the price of Litecoin is above the 50-day SMA, which has been signaling ‘BUY’ for the last 2 days since June 27.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
