Litecoin price analysis: LTC/USD outperforming with much excitement around halving
- Litecoin price is being driven by much anticipation heading into the halving in some 60 days from now.
- LTC/USD is subject to further upside pressure, bust break down barrier seen at $120.
Across the cryptocurrency community, there is much anticipation heading into the Litecoin halving, only 60 days away now, assisting with driving momentum. After this date the block reward halves from 25 to 12.5.
It has the perceived effect of reducing the supply while increasing the difficulty to mine new coins. Halving has been written into the code to control inflation and prolong network longevity. The current LTC inflation currently at 8.83%, after the halving it will drop down to 4.26%. Historically, halving events tend to have bullish run-up.
Technically, LTC/USD remains subject to further upside pressure, however, the bulls must breakdown a heavy supply zone seen around $120. Should the price smash through this area, eyes will be on $150, last traded up here in May 2018.
LTC/USD daily chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
