In about 179 days, Litecoin (LTC) will halve the block rewards, reducing miners' rewards from 25 to 12.5 coins. If fundamental developments such as confidential transactions in the works and the popular Altcoin find confirmation of the price strength, how high will the impending half-hype push the price of the peer-to-peer cryptocurrency?
[Disclaimer: The following article is not financial advice and should not be construed as such. Consult with a trained financial advisor before making any investment decisions. The author holds Litecoin (LTC) and Bitcoin (BTC).]
If you are not currently accumulating Litecoin (LTC), consider adding Altcoin to your portfolio.
On August 8, 2019, Litecoin will undergo a halving of the block rewards, rewarding miners with half of the current reward when blocks are successfully validated.
The Bitcoin (BTC) Block Reward Halving usually brings all the headlights – and rightfully so. Such an event has had a positive impact on the price of the market-leading cryptocurrency in the past. Many experts predict that the next halving of Bitcoin on May 24, 2020 will also trigger or trigger the next big bull run. With more people being aware of this fact than ever before, it's understandable that the hype surrounding Litecoin's looming former block rewards is halving over the year.
Litecoin (LTC) daily chart
Litecoin has surprisingly blasted out of the 200-week simple moving average after announcing that confidential transactions for the so-called "Silver for Bitcoin Gold" are in the works.
With such a dramatic increase in volume and a convincing boost above the crucial moving average, Litecoin has rightly entered a new bull market.
However, Bitcoin and the rest of the cryptocurrency market are still in control of the bears. Therefore, the assumption that Litecoin is officially out of the forest may not be very wise.
Litecoin (LTC) monthly chart
The monthly chart for Litecoin vs. Bitcoin draws an interesting picture that halved in August.
The 50-month moving average of Bitfinex offers resistance right now. A breakthrough above this monthly moving average is quite possible – in which case it would be nice to see that he provides support in the coming months.
The Stochastic Relative Strength Index (RSI) is just emerging from the oversold region against the first and most important cryptocurrency. It clearly goes up and shows clear signs of bullishness.
Of course you should never bring FOMO (fear of missing) into a cryptocurrency. Nothing goes up or down. However, we may be in a buy-the-dip area as Litecoin continues to evolve and halves in August.
What do you think about the price of Litecoin (LTC) in the months leading up to halving the August August rewards? Tell us your opinion in the comments below!
Images courtesy of Shutterstock, CoinMarketCap, TradingView.
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