© Reuters Litecoin rallies for 40 more days, tops $190 – Trader
- Cryptocurrency traders say the recent rally could continue for another 40 days.
- The expected date for the next Litecoin halving is July 26, 2023.
- The trader expects the price to breach $105.69 and rise above $190 before the halving.
Litecoin’s recent rally may continue for another 40 days, according to Twitter identity cryptocurrency trader Bluntz (@Bluntz_Capital). Bluntz’s prediction stems from Litecoin’s historical price behavior prior to the last two halving events.
I think I agree with this, nice little bit of data someone shared with me previously also regarding halving items like there could be a flat month – 40 days left of uptrend based on the last 2 halvings, it’s a small data set but nonetheless valuable imo. $LTC https://t.co/GMfIALNm0p pic.twitter.com/ysjNa2Vgzi
— Bluntz (@Bluntz_Capital) May 18, 2023
The analytical data shared by Bluntz shows that the LTC price made significant gains both times until about 50 days before the halving event. In 2019 in particular, the price rose more than 300% before initiating a pullback.
Litecoin halving is an event programmed into the Litecoin protocol that reduces the block reward miners receive for verifying transactions on the Litecoin network. The event occurs every four years, and the block reward is halved. The expected date for the next Litecoin halving is July 26, 2023.
Another trader with the Twitter identity “The Wolf” (WolfOfPoloniex) was more bullish in his prediction of a big rally in Litecoin. According to him, the party is just beginning.
Wolf shared a screenshot of his chart analysis where he expects LTC price to respect the uptrend line that supports its current trend. He predicts that the price will break LTC’s yearly high of $105.69 and rise above $190 before the next halving event.
Litecoin price trend has been sideways through most of 2023. The initial price rally pushed the price from $70.1 to a yearly high of $105.69 in Q1. Before the end of March 2023, LTC lost all of its gains and hit a low of $65.39, according to TradingView data.
Since reaching the yearly low, LTC price has headed between these two crucial levels, and settled at $92.49 at the time of writing. Several members of the LTC community on Crypto Twitter agree with traders’ predictions of a big rally ahead of the halving event, with some sharing their own independent analysis.
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After Litecoin Rally for Another 40 Days That Would Surpass $190 – Trader Debuts Coin Issue.