Litecoin (LTC) price dropped to $88 this morning before recovering slightly, currently standing at $89.26, representing a 2% decrease in the past seven days. What are the expectations for the former popular altcoin in the coming days?
LTC Halving!
Despite a 27% increase since the beginning of the year and a 59% increase in the last 12 months, LTC has experienced an 8% drop in the past two weeks. With the upcoming halving of Litecoin in the next eight days, experts believe that LTC could rise again and potentially become one of the most profitable major cryptocurrencies this summer.
Litecoin, along with the rest of the market, experienced a drop this morning due to indicators of last night’s decrease, partially caused by expectations of another Fed interest rate hike this week. The cryptocurrency’s relative strength index (RSI) had dropped to 30. However, it is starting to rise again and moving towards 40, which could be a possible sign that the decrease will be short-lived.
At the same time, LTC’s 30-day moving average has fallen below its 200-day average and is approaching a point where it may need to start rising again along with the altcoin’s price. However, it was noted that the support level of the altcoin has fallen further last week, and a slight decline may be seen before the chart stabilizes.
LTC Supply!
Litecoin’s next halving will take place on August 2nd. Similar to Bitcoin halvings, Litecoin miners can see that the block reward currently paid to miners has been reduced by 50% to 12.5 LTC. This situation could eventually lead to a decrease in the coin’s supply over time.
On the other hand, while a rally is possible for the altcoin in the days leading up to the halving period, this could also help increase LTC’s price in the long run. Analysts suggest that from the current level of approximately $89, LTC could experience a return to $100 within the next week, potentially reaching $150 by the end of the year as the market conditions for further growth. Additionally, experts stated that if a bull market is witnessed in 2024, LTC could reach $200 or even $250 by mid-year.
