Litecoin Price Prediction as Halving Event Scheduled for Today – Can LTC Reach $1,000?

cryptonews.com:

The Litecoin price has barely moved in the past 24 hours, sticking to the $90 level as the cryptocurrency awaits its latest halving event today.

The halving will reduce Litecoin's block reward from 12.5 LTC to 6.25 LTC, a reduction which in theory will tighten the altcoin's supply and thereby make it scarcer, at least in the longer term.

However, LTC is currently up by only 0.5% in the past week, with the altcoin also having declined by 19% in the last 30 days, a loss which may suggest that the market isn't particularly excited by this 50% reduction.

While Litecoin has had a disappointing couple of weeks, its chart is now in a position where it looks as though the coin could soon rise, with its indicators ready to rise up from oversold positions.

Firstly, LTC's 30-day moving average (yellow) has begun rising up again towards its 200-day average (blue), signalling a recovery that could last several days (given the ground the 30-day average has to make up).

On top of this, the altcoin's relative strength index (purple) has dropped to 40 today, meaning it's close to bottoming out and indicating a positive turnaround.

And while LTC's position still seems relatively mixed and uncertain, its rising support level (green) suggests that it won't fall much further again before recovering.

This analysis coincides nicely with the fact that Litecoin's halving is due to happen today, reducing the rate at which it issues new coins by 50%. 

LTC holders are no doubt hoping that the successful completion of the halving will have a rallying effect on the coin's price, which remains subdued today.

However, some analysts are suggesting that the market has already priced in the halving, having done so when LTC rallied on Sunday, as well as when it