Litecoin Price Prediction as LTC Becomes One of the Best Performing Coins of the Year – Is Big Rally on the Way?
The Litecoin price has fallen by 3% in the past 24 hours, dropping to $93.86 as the cryptocurrency market as a whole slides by 0.5% within the same timeframe.
LTC is now down by 15% in the past week, yet it remains up by 23% in the last 30 days and by 72% in the past 12 months, on the back of anticipation surrounding Litecoin's next halving event, which is due in August.
Because Litecoin generates new blocks at a faster rate than Bitcoin, it's due to have its halving – which reduces block rewards by 50% – considerably earlier than the original cryptocurrency, something which has increased bullishness for the altcoin.
At the same time, LTC has also benefitted from not being named by the SEC as a security in the regulator's recent legal actions, enabling it to continue operating without any threat of being delisted from exchanges.
Litecoin has had quite a comedown since it hit one-year highs at the start of this month, with its indicators currently showing a significant loss of momentum
The thing is, it's not close to bottoming out, with its relative strength index (purple) just turning up again after hitting 30 earlier this morning.
Similarly, its 30-day moving average (yellow) is only a few days away from falling below its 200-day average (blue), at which point LTC will be expected to begin rising again.
It's also reassuring to observe that the altcoin's support level (green) has steadily increased over the past couple of weeks, meaning that LTC shouldn't really drop much lower in price.
As such, now is probably a good time to buy the coin, which could be expected to rise back towards $100 in the next couple of weeks.
It certainly has bullishness on its side, given that the next Litecoin halving is scheduled to take place early
Read more on cryptonews.com
