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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

70 Days to Litecoin Halving; LTC Soars To Fresh 2019 Highs

Dalmas Ngetich
Dalmas Ngetich
6 years ago
2 mins read
technical analysis litecoin LTC

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  • Litecoin add 16.5 percent in 24 hours
  • August halving may be the reason behind price expansion

In the top 10, Litecoin is one of the top performers, surging 16.5 percent at the time of writing. Even so, we expect more gains in days ahead of August halving.

Litecoin Price Analysis

Fundamentals

After a brutal 2018, Litecoin prices are once again, rallying. It’s pure bliss for traders as well as investors who had to persevere the biting “crypto winter.” At the time of writing, Litecoin is trading at $117, leaping more than four folds five months after sinking to $22.

Behind this resurgence are supportive technical and fundamental factors. That’s apart from the direct correlation LTC has with Bitcoin, expanding as BTC close higher. However, and from dominant topics, the optimism has to do with August 19th, 2019 halving where supply-demand dynamics will kick in fairly valuing the asset.

Then, as hard-coded in the Litecoin source code, miner rewards will be slashed from 25 LTC to 12.5 LTC. Therefore, if what investors are expecting is true, then the resulting squeeze could renew interest in the medium of exchange coin, lifting prices towards $150 and even $200.

It is perhaps this anticipation that LTC is vibrant as buyers flock, thrusting prices above the psychological $100 mark.

Candlestick Arrangement

Litecoin LTC

At the time of press, LTC is up 16.5 and 23 percent in the last day and week respectively. If anything, this is impressive. At the moment, the foundation of the next wave of higher highs that could see LTC spike as buyers flow ahead of halving is being laid.

Notice that from the daily chart, Litecoin is not only trading within a bullish breakout pattern after clearing $110, but after bouncing off 78.6 percent Fibonacci retracement level, it is at new 2019 highs.

Because of this, LTC prices are above Q2 2018 lows. That’s not all. Bull bars band along the upper Bollinger Band (BB) as visible in the weekly chart. That is a mark of demand. Therefore, although the breakout bar was at the back of low trading volumes, every low is a buying opportunity. The first target will be $120 and later $180 or April 2018 peaks.

Technical Indicator

In a bullish breakout, May 26th bull bar will anchor this trade plan. It is wide-ranging, and in a trend continuation phase, prices broke above $110 with above-average trading volumes of 410k versus 328k. Since bulls are in charge, it is vital that today close higher. Consequent bars should confirm underlying demand. That mean volumes should ideally be higher than 410k or even 803k of May 16th.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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