Litecoin Passes Third – Litecoin experienced its third halving yesterday. The eleventh cryptocurrency in terms of capitalization has just experienced a reduction in rewards. Indeed, the reward has gone from 12.5 LTC to 6.25 LTC. Four years after Litecoin’s last halving, the fundamentals seem to be even stronger.
At Same Price, Data Shows Litecoin Stronger Than 2019
THE halving is an important event for the Litecoin blockchain. In theory, the reduction in rewards reduces inflationand therefore to know a rise in price. During the 2021 bullrun, the price returned to the height of the latest all-time high (ATH) around $420. Unlike Bitcoin or Ethereum, Litecoin did not frankly exceed the marked ATH in 2017.
The price of Litecoin is currently moving around $90as in 2019. However, the situation is noticeably different if we look at some data concerning the LTC:
According to the data coming from the IntoTheBlock site, it is interesting to see that the hashrate has almost doubled since 2019. Recall that the hashrate is a blockchain health indicator. In fact, if the quantity of minors increases, it shows that the operators show interest in the project.
That’s not all, the total number of addresses and the number of active addresses have also increased sharply. This tends to show that the project always attracts newcomers. Also, the number of transactions is much higher than in 2019and this indicates that the Litecoin network is increasingly used. All these data show that the project continues to interest, despite the fact that the course does not make speculators dream. Therefore, can we say that the course is undervalued ? Answer in a few months, or even a few years!
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Litecoin Price Could Recover To $80 Support Level
Recently, the price stalled against the resistance at $115. However, the dynamic remains bullish For now. Indeed, the price continues to show bottoms and rising tops:
The price could find buyers at the level of the bracket at $80. If so, the price could return to the level of the resistance at $95or even at the level of the resistance at $115. Whatever happens, it will be necessary to close above $115 to continue the momentum initiated at the end of 2022. The RSI must remain above the bullish trendline. For buyers to maintain momentum, the RSI must bounce off the trendline and expand above 66.
Litecoin had its third halving, with a further reduction in rewards for miners. Four years after the last halving, the LTC shows very convincing bases, with in particular an increase in the level of the hashrate, and in the level of activity on the blockchain. The price of Litecoin is falling, it could return to the support level at $80. Despite the recent drop, Litecoin is still bullish, but it will need to close above $115 to continue the momentum initiated in late 2022. XRP also has the opportunity to rebound from important supports, but the will buyers be present?
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