After reaching a new yearly high when it traded at $147 on 22 June, Litecoin price has actually lost value by nearly 25%. This is phenomena signals that hype around Litecoin’s coming block reward reduction or halving event could be priced in already. Yes, 39 days from today on August 5 precisely, LTC will undergo the Litecoin halving event. This block reward reduction is an event that happens once in four years after the network reaches block 840,000.
When this number is attained by Litecoin miners, their block reward is reduced by 50%, subsequently, reducing the inflation rate of the token. As a result of Litecoin’s significant supply reduction during the Litecoin halving event, the exercise will likely directly impact Litecoin’s market valuation. This was the case in the last halving event that occurred on Aug. 26, 2015.
Litecoin (LTC) Price Today – LTC / USD
Litecoin Price Prediction 2019: Litecoin Price Comparison Since January to June
Via the 1-week chart highlighting trading for the LTC/USD pair, for example, an evening Doji candlestick trend is being formed. This is an indication of a bearish reversal that will be confirmed in the event that next week’s candle occurs under $115. Breaking under this price position could take the price of Litecoin down to the next support level at $93.5, $70, or $57.
The first significant Litecoin growth rate experienced between 13 January to 23 January at 70.49% was crucial. This outcome was followed by yet another price hike of about 102.07% from 4 March when its price traded at $45.05 and lasted through the next 33 days trading $91.24. This was eventually followed by a price fall of 26.83% through the next 23 days as LTC traded at $66.12. There was also another price hike of 55.70% from 29 April through 15 May.
Litecoin Price Prediction 2019: Litecoin Price Saw a 38.33% Increase in the Month of June
Litecoin’s most recent price hike was as high as 38.33% between 4 June and 22 June. On 28 May, Litecoin’s market cap was $7,015,969,632, with a price of $114.92. The coin’s current market capitalization and value are respectively more than what it was last month by 1.24% and 1.77% respectively. Litecoin’s medium-term price prediction is bullish. The coin will likely reach $200 by year end. The next resistance points for the coin are $127.4033333, $140.4066667, and $148.7733333. While support levels can be found at $106.0333333, $97.66666667, and $84.66333333.
Litecoin Price Prediction 2019: How Does Litecoin’s Overall Market Sentiment Look
Even though the crypto market structure has changed completely compared to what it was in 2015 (because financial institutions have entered the space and regulatory forces have stepped in as well), majority of the market is driven by sentiment. A similar scenario to what occurred during the first Litecoin halving may play out. The altcoin could be set to drop another 28%.
From a technical point of view, the last hope for bullish continuation is the ascending channel on the 3-day chart of LTC/USD. If it is holds, Litecoin’s price will be able to make higher highs and lows. However, any break to the downside will initiate a price depreciation. The coin has been losing its value at a rapid rate in the last few hours. Investors are advised to purchase coins at the current lower prices and stick to long-term holding if they want decent returns.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.