Because of the halving FOMO, LTC could peak by doubling its price just a few days before the halvening event, which could allow it to flip over XRP. But, is a 100 percent surge from current levels possible?
By Teuta Franjkovic
Updated
2 mins read
We are all aware that the next Bitcoin halving is less than a year away, but it seems Litecoin is preparing for its part. In less than two months, Litecoin’s block rewards are expected to fall.
Both of these events are likely to restrict the supply of both cryptocurrencies, leading some speculators to count on the reduced supply for another bull run.
Litecoin block halving is in 56 days! https://t.co/EBWbsIUp47
Here are some stats on mining profitability. After halving, miners are still profitable with electricity under 10¢. Many are paying only 5¢ and therefore should keep mining LTC post-halving. (https://t.co/AcQPEjdNtb) pic.twitter.com/VtA9aAv7FS
— Charlie Lee Ⓜ️🕸️ (@SatoshiLite) June 10, 2019
Halving fever seems to have already struck the market. Litecoin prices have risen sharply this year, leaving many top cryptocurrencies in the dust.
The altcoin extended recent gains today, hitting a fresh 2019 high of $138.57 and it keeps growing.
This move has pushed LTC market cap up to $8.62 billion and volume is hovering around record levels at $5.7 billion. The traders and analysts on crypto twitter have been scouring the charts looking for the next direction for Litecoin. Most agree that it will be up but key psychological levels of resistance have formed around the $150 area.
Trader Josh Rager predicts a lot of profit taking at this price level, which is now only $10 away:
https://twitter.com/Josh_Rager/status/1138504475734347778
Some of them even prescribe LTC as an “easy buy”:
https://twitter.com/TheCryptoDog/status/1138320821951160320
Joe DiPasquale, CEO of BitBull Capital, explained that the $120 resistance level could have prevented Litecoin from rising higher, but now that it has surpassed that price point twice, the bullish impulse is likely to continue.
“With LTC trading around $125, we can expect a steady rise towards $150 with some normal pullbacks along the way.”
There is also a question as the bullish trend continues: Can LTC flip XRP? As Litecoin positions itself at number four just below Bitcoin, Ethereum, and XRP.
Financial Survivalism, a cryptocurrency analyst, revealed that LTC could peak by doubling its price just a few days before the halvening event, which could allow it to flip over XRP:
$LTCBTC peaked days after $LTC halved in 2015. It proceed to selloff leading up to and following the $BTC halving. I think we will see similar price action in 19-20. If so then #LTCBTC would return to the top of the channel over the next couple months before retesting ~0.011. pic.twitter.com/vXz5KcuE2k
— alphanalysis.io (@Sawcruhteez) June 8, 2019
The halving, which is clearly driving it, is still 54 days away so the big question is how high will LTC go and when will it fall back. Unless bitcoin makes a massive move north within the next two months, Litecoin is likely to retrace at some stage.
However, for the “flippening” to happen XRP will have to remain under the current price levels or suffer a significant drop in market valuation while LTC keeps going up.
Experienced creative professional focusing on financial and political analysis, editing daily newspapers and news sites, economical and political journalism, consulting, PR and Marketing. Teuta’s passion is to create new opportunities and bring people together.
