The price of Litecoin in the cryptocurrency world is currently experiencing a pause before the upcoming halving event, as the market mirrors Bitcoin‘s instability around $70,000. Consequently, significant altcoins like Litecoin have undergone recent corrections and are now attempting to regain footing at their respective support zones.
The LTC price is showing signs of a pullback in its daily chart, but this could be followed by the development of a bullish pattern, suggesting the possibility of an ongoing uptrend.
Bullish Pattern Sets Upcoming Rally in Litecoin Price
Litecoin is a digital currency that operates on a decentralized network, enabling swift and affordable transactions. It’s sometimes referred to as the “silver” version of Bitcoin, which is known as the “gold.” For more than two weeks, the value of Litecoin has been gradually decreasing, dropping from $112.8 to $95, resulting in a 15.8% price reduction.
Despite hovering above the 38.2% Fibonacci resistance, the retreating price shows that buyers remain in control of this asset. Furthermore, the declining price moved between two trendlines, suggesting a potential bullish pennant formation.
With this pattern influencing it, Litecoin’s price could regain its waned bullish energy and surpass the resistance trendline as a sign of continuing the existing uptrend. At the current moment, Litecoin is priced at $96 and has a market capitalization of $7.148 Billion.
If a strong market push causes LTC coin to break through successfully, it could significantly increase buying activity and drive the price up towards the predicted goal of $122. Subsequently, if this level is breached, the coin may continue climbing, aiming for $140 as the next target.
Litecoin Solidifies Its Position with 5 Million Long-term Investors
According to crypto analysis firm IntoTheBlock, Litecoin has reached an impressive achievement: its network now counts more than 5 million investors who have held onto their coins for extended periods. This figure underscores robust investor faith and dedication towards Litecoin.
Amazing milestone for Litecoin!
Approximately 62.5% of all active Litecoin wallets currently hold more than 5 million units of Litecoin ($LTC).
— IntoTheBlock (@intotheblock) April 12, 2024
Approximately two-thirds (62.5%) of all active Litecoin wallets hold a balance, signifying a steady and committed community in the face of cryptocurrency market fluctuations.
Bitcoin Halving Signals Bull Run for Altcoins
In simple terms, the upcoming Bitcoin halving, which happens approximately every four years, is an exciting development in the cryptocurrency world. This event is set for April 20th and will result in a decrease in rewards given to miners for each new block they mine, from 6.25 new Bitcoins to 3.125.
The procedure intends to decrease the production of new Bitcoins, leading to a scarcity in the market. This scarcity is subsequently overtaken by increased demand, causing Bitcoin’s price to generally increase based on historical trends.
In simpler terms, the cost of Litecoin hasn’t dropped as low as other cryptocurrencies yet, suggesting potential for significant growth.
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2024-04-12 19:16