Proportionately halving in Bitcoin is usually front run by a bull cycle, wherein the price of the top cryptocurrency by market cap experiences rapid volume expansion and price mark up. The digital silver to Bitcoin’s digital gold, Litecoin, also encounter such an event ahead of its halving– an event scheduled at regular intervals that reduces the block reward miners receive for validating the network.
With Litecoin’s halving in less than 70 days away, the market is keeping an eye on the # 5 ranked cryptocurrency to find out if it once again carries the market higher. The last time Litecoin induced the entire crypto market to rally, it was the stimulant that helped put in Bitcoin’s bear market bottom and stimulated a mini alt season. Will Litecoin once again bring forth an all-out alt season and help Bitcoin’s parabolic move trend even higher?
Litecoin Breaks $100 Again, Confirms As Support, Off to the Races?
The crypto market is becoming increasingly bullish on Litecoin as the crypto asset nears closer and closer to its halving– an upcoming event in which the Litecoin supply is cut. The halving, which will see the block reward miners get halved, taking the reward from 25 LTC to only 12.5 LTC.
Before, these halving events are commonly front run as investors anticipate an offsetting of supply and demand that propels the price of these scant, hard-capped, deflationary assets to skyrocket in short order.
Here comes the halving FOMO, c’mon my little chickun. $ltc time is here! #Litecoin
PS, if the market follows litecoin again we are in good shape! pic.twitter.com/8swlvwqf99
— Shardi B, #CryptoSlut (@ShardiB2) May 24, 2019
Crypto analysts and dealers who are monitoring Litecoin price charts are asking for the confirmation of cup and handle formations to play out, escorting the price of the digital asset as much as 50% higher in anticipation of the forthcoming halving.
we are good to buy on this spot OR NOT ?
halving is realy near $ltc
august 6 is the $ltc halving https://t.co/4PWnL4Fct6 pic.twitter.com/uBpAanQKcx
— mocho17® (@cryptomocho) May 19, 2019
Just today, Litecoin smashed through and traded up above $100 once again, which it is presently retesting to confirm as support.
I see $LTC just broke $100. https://t.co/bh1UFWyvJl
— Moon Overlord (@MoonOverlord) May 24, 2019
The recent bullish price action in Litecoin has certainly been enough to propel the whole crypto market into a recovery after this week’s blood red streets, bleeding out across most major and popular trading pairs.
#Litecoin $LTC continues to lead the #crypto market, including #Bitcoin $BTC. Follow the #chikun.
— [₡ryptocasca] (@cryptocasca) May 24, 2019
Litecoin also played its part to drive the price of Bitcoin even higher with the #1 cryptocurrency by market cap trading above $8,000 once more, however continuing to struggle with significant overhead resistance holding fast at $8,100.
#Litecoin about to single-handedly drag $BTC out of this price range to new highs $LTC $BTC $crypto
— Crypto₿anksy (@BanksyCrypto) May 24, 2019
Although the #5 ranked cryptocurrency was in the position to help Bitcoin continue to trade higher, Litecoin in its own right has surged 10% against the BTC ratio on the LTC/BTC trading pair. Against USD the LTC pair is in a clear, undeniable uptrend.
$LTC #Coinbase#TAtip: General rule in TA, it takes two points to draw a trend-line, a third to confirm validity. pic.twitter.com/61EV0rumgC
— Cow Jones (@CryptoCowJones) May 24, 2019
The key factors behind Litecoin dominance increasing relative to Bitcoin, is more than likely due to the closer date of Litecoin’s halving, which of course helps to fuel plenty of positive sentiment and expectation.
$LTC not going long into resistance but will be slowing starting to add to my bag as we head straight towards the next halving in roughly 75 days for #litecoin.
Wouldn’t expect something crazy but likely price will follow speculation and hype as we get closer to 6th august 2019. pic.twitter.com/gt2dZM503u
— TheCryptoCactus (@TheCryptoCactus) May 22, 2019
Those that are extremely bullish on Litecoin need to look no further than previous halving to validate their positions. Previously, price rose dramatically before each halving. There’s also a potential fractal playing out, according to some traders.
$LTC Imagine this fractal plays out… #crypto #altcoin pic.twitter.com/KGTQ3QmkhS
— [ FXD ] (@Liquidityhunt) May 20, 2019
Many leading analysts have set targets for the altcoin somewhere in the realms of $150 and then even higher. For the all important ratio, traders are targeting 0.02 or higher.
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