Opportunities for Litecoin (LTC) and Icon (ICX) in the Cryptocurrency Market - COINTURK NEWS
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Opportunities for Litecoin (LTC) and Icon (ICX) in the Cryptocurrency Market

3:56 pm (50 days ago)
August 2, 2023

Altcoins that deviate from the general trend of the cryptocurrency market usually achieve this with news-focused developments. Therefore, we see that investors prepare for significant price movements based on important developments, especially in bear markets. LTC and Icon (ICX) are among these altcoins.

Litecoin (LTC) Halving

Litecoin initially rewarded miners with 50 LTC per block. This reward is halved after mining 840,000 blocks (roughly every four years). This event is called halving. Reward halvings continue until the reward per block reaches zero, causing a decrease in the newly issued LTC over time. This leads to a decrease in inflation and an increase in the price of the altcoin.

With the current block reward at 12.5, this number will decrease to 6.25 with the third Litecoin halving. Whales and LTC miners have increased their balances. The accumulation made by miners alone was around 400,000 coins.

The price of LTC has shown signs of recovery since it broke out of a downward channel on July 3. Breakouts from such structures usually lead to significant upward movements. If expected, we may see the price surpass $102 within this week.

Approximately 2 hours and 45 minutes later, around 18:00, the halving will take place. The previous two halvings brought significant sell-offs. However, considering the accumulation tendency of large investors before the expected bull season, the final halving before the bull season could have the opposite effect.

Icon (ICX) Testnet

ICX xCall incentivized testnet started on July 31. The testnet will focus on decentralized applications and tools. Developers can receive rewards for accepted smart contracts up to 845,000 ICX. The ICX price broke out of a declining resistance line on June 22. Despite the breakout, the price failed to clear the $0.25 horizontal resistance area. Instead, we saw two rejections in this region. This was followed by a lower peak formation.

ICX investors will try to jump on the train for further gains if the price exceeds $0.25. If the price can surpass this resistance, it can rise up to $0.55 with the influence of the testnet agenda. In the opposite scenario, it is likely to decline to $0.17, a decrease of approximately 22% from the current price.

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