- The prevailing technical picture is neither negative nor is it positive (LTC/USD stuck in a range).
- Historically Litecoin halving has resulted in a significant increase in the price.
Litecoin was among the best performing cryptocurrencies in June to the extent that it tested the levels slightly above $150. Unfortunately, the high volatility levels across the market had the $7.4 billion crypto diving back to levels close to $100. A recovery has since occurred touching $140 to the upside but the price has retraced to levels between $117 support limit and $122 resistance limit.
At the time of writing, Litecoin is trading at $119 and is slightly below the ranging 50 Simple Moving Average. The prevailing technical picture is neither negative nor is it positive. Technical indicators like the Relative Strength Index (RSI) and the Moving Average Convergence Divergence are moving horizontally at 51.42 and 0.0 (mean line) respectively. Further correction north must clear the resistance by the 100 Exponential Moving Average (EMA) and the 100 Simple Moving Average (SMA).
LTC/USD 1-h chart
The halving event for Litecoin is coming up in just 28 days according to Litecoinblockhalf. Litecoin website details that the previous having took place on August 25, 2015, at block 840,000. However, this year’s will come 20 days earlier on August 5 at block 1,680,000 following increased network hash rate. Historically Litecoin halving has resulted in a significant increase in the price.
“Comparatively speaking, if history is anything to go by, we should have already seen an unhealthy vertical spike in price as people FOMO in to capitalize on the event, yet this hasn’t happened.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.