This catalyst could push Litecoin price higher soon
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Litecoin has been one of the top-performing large-cap coins.
The countdown of Litecoin halving has started, with 130 days to go.
Litecoin price has made a strong recovery in the past few days as investors reposition for the upcoming halving event. LTC has been one of the top-performing cryptocurrencies since June last year, having risen by over 130%. Litecoin was trading at $92.17, which was about 40% below the lowest point this year.
LTC halving countdown
Halving is an important part of proof-of-work (PoW) blockchains like Bitcoin, Dash, and Bitcoin Cash in that it reduces block rewards to miners by half. The goal is to reduce the supply even as demand rises. As such, the concept tends to boost the coin’s prices.
Litecoin, which is a well-known proof-of-work cryptocurrency, will go through its halving event this year. Data compiled by Nice Hash shows that the next halving event will happen on August 6 of this year, meaning that it is about 130 days to go.
Litecoin’s halving will happen when the block height rises to 2.52 million, up from the current block height of 2.446 million. This halving event happens after every four years and will see the current block reward falling from 12.5 LTC to 6.25 LTC.
Historically, cryptocurrencies tend to rise ahead of a halving event. For example, Bitcoin jumped sharply before its last halving event which happened in May 2020. It then pulled back shortly after that.
Litecoin’s hash rate has been in a strong downward trend in the past few days. It currently stands at 710 TH/s, lower than its all-time high of 785 TH/s. Hash rate is important data that shows the health of a proof-of-work cryptocurrency.
Litecoin price prediction
LTC chart by TradingView
The daily chart shows that the LTC has been in a strong bullish trend in the past few months. It managed to flip the key level at $84.51 into a support. The coin has moved above the 25-day and 50-day exponential moving averages and the two have formed a bullish crossover.
Litecoin has moved above the ascending trendline shown in green. It has also formed what looks like a bullish pennant pattern. Therefore, the coin will likely have a bullish breakout, with the next reference level to watch being at $105.62.
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