Halving Litecoin Held, LTC Increased 9 Percent

Halving Litecoin (50% block reward reduction) 2019 took place. Halving is a fixed event that occurs every four years after 840 blocks have been mined and reduces block rewards by 000%. As the time approaches, many investors are wondering what will happen to the LTC price. This technical analysis is intended to determine the direction Litecoin will take in the short term.

Litecoin Technical Analysis

After the recent 48 percent correction that Litecoin went through, dropping the price from an annual high from 147 to 76 dollars, it seems that the double bottom model of Adam and Eve is developing on a one-day chart. This is considered the formation of a bullish reversal that occurred after the LTC price fell to form a V-shaped valley, rose and then retreated again to form the current wider and more rounded valley next to the price of the first.

If the volume starts to grow, and Litecoin can break through the 102 dollar, this may be a sign that the double bottom model of Adam and Eve has been passed and LTC can be aimed at 120 dollars. However, a fall below 83 US dollars will invalidate this pattern and this may be taken as a sign that LTC is preparing to make lower lows.

As a result of the Bollinger band on the 12 hourly chart, it is possible to determine whether LTC can overcome the mark above $ 102 to confirm the double bottom model of Adam and Eve, or if it falls below the $ 83 mark. This technical index seems to be shrinking, indicating that LTC has entered the consolidation phase, so the trading range between 101 and 86 dollars could be mistaken for a non-trading zone. Exiting this trading range will determine where this cryptocurrency will go, given that squeezes are usually followed by periods of high volatility.

Moving above the 101 dollar will increase the likelihood for an impulse that receives LTC to 120 dollars, checking the double bottom pattern of Adam and Eve observed on the 1-day chart. However, if the LTC breaks below 86 dollars, it may signal a continuation of the bearish trend, which began on June 22 after LTC reached an annual maximum of 147 dollars.

The 4-hour chart tells a similar story - basically warning that currently the best thing to do is to wait for confirmation before entering a bullish or bearish trade. During this time, Litecoin is trading above the 100-hour and 50-hour moving average, which can act as support, keeping the price of this cryptocurrency from falling further. On the other hand, the 200 hour moving average can act as resistance, discouraging higher LTC momentum. Thus, a break below or above these moving averages, which act as support and resistance, will confirm the direction of the trend.

It is worth noting that the moving average convergence divergence (MACD), which is usually used to follow the trend path and calculate its momentum, can lead to a bullish intersection between the 12-hour exponential moving average and the 26-hour exponential moving average, indicating that there is probably an upward movement.

The last time the 12-hour EMA moved above the 26-hour, 28 of July, which led to an increase of 21 percentage, which lasted 4 days.

General mood

Halving Litecoin reduces rewards to miners from 25 to 12,5 LTC. Based on this event, we can expect a jump in volatility over the next few hours. Thus, it would be wiser to wait for confirmation before entering into any transaction, bearing in mind that a break above the 101 dollar may raise LTC to 120 dollars, and a movement below 86 dollars may signal lower lows.

The creator of Litecoin, Charlie Lee, tweeted that since the halving of 12 blocks were found in 17 minutes, implying that the miners did not turn off their hashrate.

The next halving of Litecoin is scheduled for 2 on August 2023 of the year and will reduce the reward from 12,5 to 6,25 LTC. For more information about halving, see the video below.

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  1. Crypto Industry author

    Who survived the halving? Have you bought LTC? Personally, I do not, but it was necessary = (

    Reply