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Litecoin (LTC) price could skyrocket to 200% by July 2023, coinciding with its halving, a process that will cut miner block rewards by 50%
Litecoin has experienced two halvings since its launch in October 2011. The first occurred in August 2015, which reduced the block reward from 50 LTC to 25 LTC. The second occurred in August 2019, reducing the 25 LTC reward to 12.5 LTC per block.
Interestingly, each Litecoin halving occurred after a volatile LTC price cycle, namely a huge jump in the price, followed by an equally massive correction, reaching a bottom and recovering to a local maximum.
After the price of Litecoin survived the last halving, it corrected from its local top, setting another bottom, and then another powerful price rally to a new all-time high followed, as shown below:
The third Litecoin halving is scheduled for July 2023. Meanwhile, market analysts are already noting that LTC is moving along the same pre-halving trajectory as before the events of 2011 and 2019, and is now at the bottom stage.
Scalping Pro, an independent market analyst, added several MACD and RSI momentum indicators to support the bullish outlook. Momentum indicators identify the oversold and overbought conditions of an asset in order to predict possible trend reversals.
On the weekly chart, the RSI and MACD of LTC appeared to be extremely oversold, coinciding with the market bottom before the previous halving events. Thus, the analyst sees this as a strong signal for another major rally in the LTC price.
Litecoin could see a new local high if it did bottom out around $40 in June 2022. Time will tell
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