Litecoin surges 15% as halving approaches

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Yes ok Bitcoin (BTC) and the broader cryptocurrency market have been halted since last week’s market rally, there is one altcoin showing massive strength. In the last 24 hours, Litecoin (LTC) it has shot up by 15%, breaking above the $90 level.

At press time, Litecoin (LTC) is trading at $91.45 with a market capitalization of $6.63 billion. Since early 2023, Litecoin has been on investors’ radar and hit its 2023 high of $102 in February 2023. However, the altcoin corrected more than 30% from its high, but reversed trajectory once again, moving up from mid-March.

A major catalyst for the rebound in Litecoin price it could be the next halving scheduled for this year around August 2023. Halvings typically reduce the supply of the cryptocurrency in circulation, driving up its price.

However, let’s take a look at the historical performance of Litecoin (LTC) in and around its halving period. In one of its previous posts, Rekt Capital explained that LTC has a strong tendency to rally ahead of its halving. The cryptanalyst wrote:

Before halving 1, LTC bottomed 122 days and rallied +820%. Prior to halving 2, LTC bottomed 243 days and rallied +550%.

Similarly, the analyst explains that the Litecoin price rises even stronger after halving periods. In fact, it tends to rally more after the halving rather than before the halving. He wrote:

After halving 1, LTC rallied +14200%. After halving 2, LTC rallied +1574%.

Will the Litecoin price recover further after the halving?

Based on the above data, Rekt Capital concludes that the pre-halving rally has been prolonged over time. “If this next #LTC pre-halving rally lasts twice as long as the previous PH rally, then this rally will last ~365 days, which finds confluence with a May 2023 high,” he writes.

Please note that the above performances are just a reference to make an informed guess. However, they never guarantee future returns and will therefore be viewed accordingly.

Some market analysts have been suggesting that the price of Litecoin (LTC) could rise between $130 and $150 before its halving this year. For now, the immediate resistance for Litecoin would be the 2023 high of $102. If it successfully breaks this on strong volume, we may see new highs before the halving.

Today’s price action explains that Litecoin (LTC) is seeing significant price growth even as the broader market has stabilized. Furthermore, it is also decoupling from Bitcoin price momentum and a strong uptrend suggests that investors are confident about future prospects.

Litecoin has always been silver and Bitcoin gold and its blockchain is known for making payments faster. Furthermore, Litecoin social activity has reached a new high.

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