Will the Litecoin Halving Push LTC Above $100? Expert Analysis
The Litecoin [LTC], often referred to as the digital silver to Bitcoin’s digital gold, has seen renewed interest thanks to its upcoming halving event. But the big question on everyone\'s mind is: Will the Litecoin halving push LTC above $100?
Understanding the Litecoin Halving
The Litecoin Halving event occurs every four years and for every 840,000 blocks to reduce its block reward by 50%. The last LTC halving took place on Aug. This event is significant because Block rewards given to Litecoin miners for validating transactions will be cut in half during the impending halving event. Rewards will drop from 12.5 LTC to 6.25 LTC.
Litecoin\'s Recent Performance and Price Prediction
Litecoin [LTC], made a comeback last year with MimbleWimble and abrupt price rises. Now, all eyes are on its ability to break through the $100 barrier. However, the current price action is bearish, since it shows that LTC deviated (red circle) above the $100 horizontal area and then validated it as resistance again.
Key Resistance Levels to Watch
For Litecoin to stand a chance at reaching and surpassing $100, it needs to overcome significant resistance levels. Also, per the resistance levels, LTC must be able to stay above $92.09 or even $93 to have a chance at moving toward $100.41, another strong resistance level. The RSI or the momentum indicator isn’t giving out any discernible detail, making price prediction even more complex.
Expert Opinions and Analysis
The halving event historically reduces the supply of new LTC entering the market, potentially driving up demand. However, technical analysis suggests strong resistance at the $100 level. Whether the reduced supply can overcome this resistance remains to be seen. Keep a close eye on the $92.09 and $93 support levels, as maintaining these levels will be crucial for any upward momentum.
Conclusion: The Future of Litecoin Post-Halving
The Litecoin halving is a significant event that could influence its price. While the potential for price appreciation exists, overcoming key resistance levels is critical. Stay informed and monitor the price action closely to make informed decisions.