- Markets seem to be preparing for the upcoming Litecoin Halving event, with popular tokens trying to end the week with a bullish close.
- The price of Litecoin continues to fluctuate within a predetermined range, without triggering either a bullish movement or a bearish exit.
- Although there is potential for Litecoin’s price to rise after the Halving event, the likelihood of holding onto gains for a long period of time may be low.
Only 10 days left until the Litecoin Halving event; the number of wallets holding at least 100 LTC is increasing, so how will it affect the LTC price?
Only a Short Time Left for the Litecoin Halving Event
Markets seem to be preparing for the upcoming Litecoin Halving event, with popular tokens trying to end the week with a bullish close. The value of most cryptocurrencies such as Bitcoin, Ethereum, and XRP is being maintained solidly above recurring support levels, despite the recent downward trend. Therefore, a positive reaction is expected from the markets after the event, and prices are securing intermediate resistance levels.
Meanwhile, the price of Litecoin continues to fluctuate within a predetermined range, without triggering either a bullish movement or a bearish exit. Therefore, the possibility of being less affected by the Halving event increases. Additionally, data from Santiment, a popular on-chain platform, shows that more traders are participating, which could lead to increased buying pressure in the coming days along with the Halving event.
According to the data, 1,185 addresses holding at least 100 LTC have been added, reaching a total of approximately 36.6 thousand wallets. Therefore, the enthusiasm of traders is significantly increasing due to the chance of a bullish breakout from the event. The platform has also recently shared crowd calls reflecting market sentiment. Currently, there are a high number of bullish market calls, which could cause a significant increase in the token’s value. However, there is also fear that prices could drop immediately after this increase.
Interestingly, bear market calls are also increasing, which could drive prices to higher levels in the coming days. Therefore, market conditions are still uncertain as traders’ sentiments are aligned in both directions. Therefore, although there is potential for Litecoin’s price to rise after the Halving event, the likelihood of holding onto gains for a long period of time may be low.
LTC Halving Excites Bitcoin Investors
The Halving event, expected to take place on August 2nd in Litecoin, is anticipated for Bitcoin on June 13th, 2024. The Halving event halves the block rewards for miners, signifying a halving. The incredible rise in LTC price as the Litecoin Halving event approaches has also raised expectations for Bitcoin.
The LTC price reached up to $114 on July 3rd, reaching the highest level since April 2022. Investors who expect the same performance for the Halving event in Bitcoin are focused on the Bitcoin Halving event in 2024. The Halving event, which will take place in 2024, will be Bitcoin’s 4th halving event, and rewards will decrease from 6.50 BTC to 3.25 BTC.
Although the Bitcoin Halving event is expected to pose challenges for miners, investors still believe it will lead to a bullish rally, and one of the biggest factors fueling this belief is the rally in Litecoin.
