The value of Litecoin (LTC) might skyrocket by as much as 200% by July 2023, coinciding with its halving occasion, decreasing miner block rewards by 50%.
Litecoin has bottomed out?
Litecoin has undergone two halvings since its launch in October 2011. The primary one occurred in August 2015, which diminished its block reward from 50 LTC to 25 LTC. The second occurred in August 2019, which slashed the 25 LTC reward to 12.5 LTC.
Curiously, every Litecoin halving occasion occurred after a unstable LTC worth cycle, particularly an unlimited worth pump, adopted by a equally huge correction, a worth backside, and restoration to an area high.
After the Litecoin halvings, LTCs’ worth corrected from its native high, established one other backside, and adopted it with one other huge worth rally to a brand new file excessive, as proven under,
LTC/USD weekly worth chart that includes halving fractals. Supply: TheScalpingPro
Litecoin’s third halving is scheduled to happen someday in July 2023. In the meantime, market analysts are already declaring that LTC’s worth is present process the identical pre-halving trajectory as earlier than the 2011 and 2019 occasions, now within the bottoming-out stage.
The Scalping Professional, an impartial market analyst, added a dose of MACD and RSI momentum indicators to assist the bullish outlook. Momentum indicators decide an asset’s oversold and overbought situations to foretell potential pattern reversals.
On a weekly timeframe, LTC’s RSI and MACD have turned extraordinarily oversold, which coincided with market bottoms forward of the earlier halving occasions. Thus, the analyst considers it a powerful cue for an additional main LTC worth rally.
#LTC x RSI + MACD (1W) 2/5
Everytime WEEKLY RSI entered the oversold zone with MACD crossover under the zero line
It has marked #Litecoin backside traditionally.
Previous preformance –
2015 ~ +36246%
2019 ~ +1333%
2022 ~ ??? pic.twitter.com/fRbY4VAkuf
— Mags.eth (@thescalpingpro) November 2, 2022
Will LTC worth attain $180 by July 2023?
Litecoin may even see a brand new native high if it has certainly bottomed out close to $40 in June 2022.
Associated: Analysis report outlines why the crypto market could be on the verge of a reversal
Drawing Fibonacci retracement graphs between Litecoin’s pre-halving correction peaks and bottoms highlights the chance of testing the 0.236 and 0.382 Fib traces as their upside targets.
LTC/USD weekly worth chart that includes Fib line targets. Supply: TradingView
As an illustration, in 2011, Litecoin established its native high on the 0.236 Fib line close to $10 in July, six months after bottoming out close to $1.31.
LTC/USD weekly worth chart that includes pre-1st-halving pattern. Supply: TradingView
In 2019, LTC worth fashioned its native high on the 0.382 Fib line close to $340 in June after bouncing from round $21 in December 2018.
LTC/USD weekly worth chart that includes pre-2nd-halving pattern. Supply: TradingView
Within the present state of affairs, Litecoin’s 0.236 and 0.382 Fib traces coincide with roughly $130 and $180, respectively.
LTC/USD weekly worth chart that includes pre-Third-halving pattern. Supply: TradingView
These ranges might turn into potential native tops if Litecoin confirms $40 as its backside. In different phrases, a 100%-200% worth rally by July 2023 when measured from the present worth ranges.
The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, it is best to conduct your individual analysis when making a choice.