In roughly 179 days, Litecoin (LTC) will bear a block-reward halving — chopping the coin reward for miners from 25 to 12.5 cash. With elementary developments like confidential transactions reportedly within the works and the favored altcoin experiencing price-strength affirmation, how excessive will the upcoming halving hype push the value of the peer-to-peer cryptocurrency? 

[Disclaimer: The following article is not financial advice and should not be construed as such. Consult with a trained financial advisor before making any investment decisions. The author holds Litecoin (LTC) and Bitcoin (BTC).]

For those who’re not accumulating Litecoin (LTC) proper now, you may need to take into account including the altcoin to your portfolio.

On August 8, 2019, Litecoin will bear a block-reward halving, which can reward miners with half of the present reward for efficiently validating blocks.

The Bitcoin (BTC) block-reward halving sometimes garners the entire spotlights — and rightfully so. Such an occasion has traditionally impacted the value of the market-leading cryptocurrency in a constructive trend. Many consultants are predicting that the subsequent Bitcoin halving on Could 24, 2020, will likewise set off or spur on the subsequent main bull run. With extra folks conscious of this reality than ever earlier than, it stands to motive that hype will construct round Litecoin’s earlier block reward halving as we progress by means of the yr.

litecoin price history

Litecoin (LTC) Day by day Chart

Litecoin has efficiently burst out of the 200-week easy shifting common in astounding trend following the announcement that confidential transactions are within the works for the so-called ‘silver to Bitcoin’s gold.’

With such a dramatic spike in quantity and convincing push above the essential shifting common, it’s inside motive that Litecoin has formally entered a brand new bull market.

That stated, Bitcoin and the remainder of the cryptocurrency market are nonetheless firmly within the management of the bears — so assuming that Litecoin is formally out of the woods is probably not significantly clever.

litecoin price

Litecoin (LTC) Month-to-month Chart

The month-to-month chart for Litecoin towards Bitcoin paints an fascinating image main as much as the halving in August.

The 50-month shifting common on Bitfinex is offering resistance at this very second. A break above this month-to-month shifting common is totally attainable — wherein case, it could be good to see it present help within the coming months.

The stochastic relative power index (RSI) is simply beginning to come out of oversold territory towards the firstly cryptocurrency. It’s clearly heading upwards and is displaying clear indicators of bullishness.

litecoin price

After all, one ought to by no means FOMO (worry of lacking out) right into a cryptocurrency. Nothing ever goes straight up or straight down. Nonetheless, we could also be within the buy-the-dip territory now with Litecoin’s elementary developments and August halving nonetheless months away.

What do you consider the value of Litecoin (LTC) within the months main as much as the August block reward halving? Tell us your ideas within the feedback under! 

Pictures courtesy of Shutterstock, CoinMarketCap, TradingView.

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Supply: Bitcoinist