LTC Price Forecast: Litecoin Breakout To Be Fueled By Halving, $140 In Sight
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The Litecoin (LTC) network has recently experienced a surge in on-chain activity, driven by the upcoming halving event scheduled for August 2. This third Litecoin halving is expected to create a demand-supply shock as block rewards are reduced from 12.5 coins to about 6.25 units. As a result, it is anticipated that this reduction in supply will lead to a price rally unless network validators accelerate their dumping rate of LTC to compensate for increased costs resulting from the rise in mining difficulty.
Crypto Tony’s Litecoin Analysis
According to Crypto Tony (@CryptoTony_), a popular analyst on Twitter with over 303k followers, Litecoin (LTC) is poised for a breakout in the coming months. With the halving just two months away, the analyst predicts that Litecoin could surge toward $140 by the end of this year. In terms of the short-term perspective, Crypto Tony emphasized that Litecoin may encounter resistance of around $97 if the bulls manage to hold above $90.
Related: Litecoin Halving Event Sparks Frenzy: Here’s What Investors Can Expect
However, the analyst also noted the possibility of Litecoin retracing alongside the rest of the crypto market later this year, before experiencing a long-term breakout.
60 days until the Halving for #Litecoin and it still looks as juicy as ever here. Looking for that spike up to $97.00 minimum if we can hold above $90.00
Ultimate target is $140.00 later this year pic.twitter.com/72bfAR1urf
— Crypto Tony (@CryptoTony__) May 30, 2023
Litecoin Market Outlook
Since the beginning of May, the number of transactions in blockchain per day on the Litecoin network has significantly spiked. Similarly, the number of unique addresses on the Litecoin network has scaled in tandem with the mining hash rate that is at ATH. Up approximately 2 percent in the last 24 hours, Litecoin price traded around $93 during the early New York market on Tuesday.
According to the latest crypto price oracles, Litecoin had a market capitalization of about $6.79 billion and a 24-hour traded volume of about $442 million.
Filed under: Bitcoin - @ May 30, 2023 1:05 pm