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- There is little time left for the halving event for Litecoin
. - Critical support and resistance levels for Litecoin price.
Litecoin (LTC) Halving is approaching – what does this mean? Current support and resistance levels for LTC coin.
Current Support and Resistance Levels for Litecoin Price
Litecoin is trading between $89.78 and $90 price levels today to consolidate yesterday’s closing price of $89.73. LTC started the year trading at $70 on January 1, 2023. With the bulls taking control, it rose to $80 on January 10. LTC traded at $100.44 for the first time on February 1, 2023.
However, market volatility forced the asset to retest its old low levels and it is currently trading in the $89-90 price range.
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LTC created a green candle on the price chart today and experienced a slight recovery from the downward trend seen on the chart on April 28. LTC is trading above the 50-day and 200-day Simple Moving Averages (SMA), which have a short and long-term bullish sentiment for the asset. The Relative Strength Index is at 48.18 in the neutral zone. The indicator is also moving horizontally and reflecting the horizontal trend on the daily chart.
Litecoin found a strong support level at $88.25, which prevented further price drops for the asset. Other critical support levels are $65.39 and $47.5. Resistance levels are $94.35 and $103.42.
LTC/USDT Daily Price Chart
The $90 price level is a psychological resistance level that Litecoin tested today. If the bulls win, it will likely trade above the $90 price level by breaking the $88.25 resistance level. However, the horizontal trend may continue in the short term.
Litecoin Halving Historically Indicates Bullishness
Litecoin halves every four years as a fork from the original Bitcoin blockchain. The Litecoin halving event occurs every 840,000 blocks and reduces LTC miners’ rewards from 12.5 LTC to 6.25 LTC.
Data shows that Litecoin historically rose six months before the halving occurred. LTC peaked with a 320% gain about 45 days before each halving, then gave up most of those gains a month after the halving event.
LTC closed each year after halving between 80% and 110% higher than its pre-halving price. Therefore, this event seems to encourage positive price movements for the asset. While hype around halving events often affects price movements, other macroeconomic factors such as inflation and regulation also affect trends.
However, halving events always lead to price volatility and uncertainty. The goal is to reduce the circulating supply of the token and increase scarcity. Based on past data, the halving event will occur around August 2023.
