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In about 179 days, the Litecoin (LTC) will receive a bulk reduction of the reward – dividing the reward into coins for miners from 25 to 12.5 coins. While fundamental developments such as confidential transactions are underway and the popular Altcoin is getting a strong price confirmation, how much will the 50% impending hype raise the price of crypto- currency to station?
[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 are not currently collecting Litecoin (LTC), you may consider adding altcoin to your wallet.
On August 8, 2019, the Litecoin will receive a half reduction in the block reward, which will reward the miners with half of the current reward for successfully validating the blocks.
The halving of Bitcoin Block Rewards (BTC) generally attracts all the spotlight – and rightly so. Such an event has always had a positive impact on the price of cryptocurrency, market leader. Many experts predict that the next halving of Bitcoin on May 24, 2020, will either trigger or stimulate the next big race. With more people aware of this fact than ever before, it goes without saying that the hype will revolve around halving the Litecoin block premium as we progress through the year.
Litecoin (LTC) Daily Chart
Litecoin has managed to break the simple 200-week moving average in a surprising way after the announcement of confidential transactions for the so-called "Bitcoin gold money".
With such a spectacular volume spike and a convincing push above the crucial moving average, it is reasonable to think that Litecoin has officially entered a new bull market.
That being said, Bitcoin and the rest of the cryptocurrency market are still firmly under bearish control – so baduming Litecoin is officially out of the woods is not particularly wise.
Monthly Litecoin Chart (LTC)
The monthly graph of Litecoin versus Bitcoin paints an interesting picture leading to the halving of August.
The 50-month moving average of Bitfinex offers resistance at this very moment. A break above this moving monthly average is quite possible. In this case, it would be nice to see him provide support in the coming months.
The Stochastic Relative Strength Index (RSI) is just starting to emerge from oversold territory relative to the first and main cryptocurrency. It is clearly heading upwards and shows clear signs of optimism.
Of course, you should never FOMO (fear of missing) in a cryptocurrency. Nothing is ever right or low. However, we may be on the ground of immediate buying, with the fundamental developments of Litecoin and halving in August by several months.
What do you think of the price of Litecoin (LTC) in the months leading up to the halving of the August block award? Let us know your thoughts in the comments below!
Images courtesy of Shutterstock, CoinMarketCap, TradingView.
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