• The Litecoin price has fallen by 3% in the past 24 hours, but is still up by 72% over the last 12 months.
• The coin’s next halving event is due in August, which could increase bullishness for it.
• Now could be a good time to buy Litecoin as its indicators show a loss of momentum and its support level has steadily increased over the past couple of weeks.
Litecoin Price Overview
The Litecoin price has fallen by 3% in the past 24 hours, dropping to $93.86 as the cryptocurrency market as a whole slides by 0.5%. Despite this setback, LTC is up by 23% in the last 30 days and 72% over the past 12 months.
Anticipation Surrounding Next Halving Event
Because Litecoin generates new blocks at a faster rate than Bitcoin, it’s due to have its halving – which reduces block rewards by 50% – considerably earlier than Bitcoin. This upcoming event has generated anticipation and increased bullishness for LTC. Furthermore, it was not named by the SEC as a security in recent legal actions, enabling it to continue operating without any threat of being delisted from exchanges.
Indicators Show Loss of Momentum
Despite its bullishness, Litecoin has had quite a comedown since it hit one-year highs at the start of this month, with its indicators currently showing a significant loss of momentum. Its relative strength index (purple) just turned up again after hitting 30 earlier this morning while its 30-day moving average (yellow) is close to falling below its 200-day average (blue). This suggests that LTC will begin rising again soon.
Support Level Increases
It’s also reassuring to observe that Litecoin’s support level (green) has steadily increased over the past couple of weeks, meaning that LTC shouldn’t really drop much lower in price. As such, now could be a good time to buy before prices rise back toward $100 once more ahead of August’s halving event.
Halving Event Inbound
Litecoin halving is scheduled for early next month when block rewards will drop from 12.5 LTC to 6.25 LTC – making it scarcer and harder currency which should reduce supply and increase demand in long term at least .