In roughly 179 days, Litecoin (LTC) will bear a block-reward halving — slicing 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).]
For those who’re not accumulating Litecoin (LTC) proper now, you may need to take into account including the altcoin to your portfolio.
On August 8, 2019, Litecoin will bear 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 usually garners all the spotlights — and rightfully so. Such an occasion has traditionally impacted the worth of the market-leading cryptocurrency in a constructive style. Many specialists are predicting that the subsequent Bitcoin halving on Might 24, 2020, will likewise set off or spur on the subsequent main bull run. With extra individuals conscious of this reality than ever earlier than, it stands to cause that hype will construct round Litecoin’s earlier block reward halving as we progress by way of the 12 months.
Litecoin (LTC) Each day Chart
Litecoin has efficiently burst out of the 200-week easy shifting common in astounding style 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 mentioned, 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 is probably not notably sensible.
Litecoin (LTC) Month-to-month 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 solely potential — during which case, it will be good to see it present help within the coming months.
The stochastic relative energy index (RSI) is simply beginning to come out of oversold territory towards the firstly cryptocurrency. It’s clearly heading upwards and is exhibiting clear indicators of bullishness.
In fact, one ought to by no means FOMO (concern of lacking out) right into a cryptocurrency. Nothing ever goes straight up or straight down. Nevertheless, 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? Tell us your ideas within the feedback beneath!
Photographs courtesy of Shutterstock, CoinMarketCap, TradingView.