Litecoin pre-halving fractal hints at 200% LTC price rally by July 2023
The price of Litecoin (LTC) could skyrocket by up to 200% by July 2023, coinciding with its halving event, reducing miner block rewards by 50%.
Litecoin has undergone two halvings since its launch in October 2011. The first one occurred in August 2015, which reduced its block reward from 50 LTC to 25 LTC. The second happened in August 2019, which slashed the 25 LTC reward to 12.5 LTC.
Interestingly, each Litecoin halving event occurred after a volatile LTC price cycle, namely an enormous price pump, followed by a similarly massive correction, a price bottom, and recovery to a local top.
After the Litecoin halvings, LTCs' price corrected from its local top, established another bottom, and followed it with another massive price rally to a new record high, as shown below,
Litecoin's third halving is scheduled to occur sometime in July 2023. Meanwhile, market analysts are already pointing out that LTC's price is undergoing the same pre-halving trajectory as before the 2011 and 2019 events, now in the bottoming-out stage.
The Scalping Pro, an independent market analyst, added a dose of MACD and RSI momentum indicators to support the bullish outlook. Momentum indicators determine an asset's oversold and overbought conditions to predict potential trend reversals.
On a weekly timeframe, LTC's RSI and MACD have turned extremely oversold, which coincided with market bottoms ahead of the previous halving events. Thus, the analyst considers it a strong cue for another major LTC price rally.
#LTC x RSI + MACD (1W) 2/5 Everytime WEEKLY RSI entered the oversold zone with MACD crossover below the zero lineIt has marked #Litecoin bottom historically.Past preformance - 2015 ~ +36246% 2019 ~ +1333% 2022 ~ ??? pic.twitter.com/fRbY4VAkuf
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