In roughly 179 days, Litecoin (LTC) will endure a block-reward halving — reducing the coin reward for miners from 25 to 12.5 cash. With basic developments like confidential transactions reportedly within the works and the favored altcoin experiencing price-strength affirmation, how excessive will the approaching halving hype push the worth 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’re not accumulating Litecoin (LTC) proper now, you may wish to take into account including the altcoin to your portfolio.
On August 8, 2019, Litecoin will endure a block-reward halving, which is able to reward miners with half of the present reward for efficiently validating blocks.
The Bitcoin (BTC) block-reward halving sometimes garners all the spotlights — and rightfully so. Such an occasion has traditionally impacted the worth of the market-leading cryptocurrency in a optimistic trend. Many specialists are predicting that the following Bitcoin halving on May 24, 2020, will likewise set off or spur on the following main bull run. With extra folks conscious of this truth than ever earlier than, it stands to cause that hype will construct round Litecoin’s earlier block reward halving as we progress via the yr.
Litecoin (LTC) Daily Chart
Litecoin has efficiently burst out of the 200-week easy shifting common in astounding trend following the announcement that confidential transactions are in the works for the so-called ‘silver to Bitcoin’s gold.’
With such a dramatic spike in quantity and convincing push above the essential shifting common, it’s inside cause that Litecoin has formally entered a brand new bull market.
That stated, Bitcoin and the remainder of the cryptocurrency market are nonetheless firmly within the management of the bears — so assuming that Litecoin is formally out of the woods will not be notably smart.
Litecoin (LTC) Monthly Chart
The month-to-month chart for Litecoin towards Bitcoin paints an fascinating image main as much as the halving in August.
The 50-month shifting common on Bitfinex is offering resistance at this very second. A break above this month-to-month shifting common is fully attainable — during which case, it will be good to see it present assist within the coming months.
The stochastic relative power index (RSI) is simply beginning to come out of oversold territory towards the at the start cryptocurrency. It is clearly heading upwards and is displaying clear indicators of bullishness.
Of course, one ought to by no means FOMO (worry of lacking out) right into a cryptocurrency. Nothing ever goes straight up or straight down. However, we could also be within the buy-the-dip territory now with Litecoin’s basic developments and August halving nonetheless months away.
What do you consider the worth of Litecoin (LTC) within the months main as much as the August block reward halving? Let us know your ideas within the feedback under!
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