Litecoin passes the third – Yesterday, Litecoin experienced its third halving. The eleventh-largest cryptocurrency in terms of capitalization has just experienced a reduction in rewards. The reward has been reduced from LTC 12.5 to LTC 6.25. Four years after Litecoin’s last halving, the foundations seem to be even stronger.
At the same price, data shows Litecoin is stronger than in 2019
The halving is a milestone for the Litecoin blockchain. In theory, the reducing rewards reduces inflationand therefore to experience rise in share price. During the bullrun of 2021, the price returned to the level of last all-time high (ATH) around $420. Unlike Bitcoin or Ethereum, Litecoin didn’t quite surpass the marked ATH in 2017.
Litecoin is currently trading at around 90 $as in 2019. For all that, the situation is significantly different if we look at some of the LTC data:
According to data from the IntoTheBlock site, it is interesting to see that the hashrate has nearly doubled since 2019. Remember that a hashrate is a indicator of a blockchain’s health. In fact, if the number of miners increases, this shows that the operators are interested in the project.
Not only that, but the total number of addresses and the number of active addresses have also risen sharply. This suggests that the is still attracting newcomers. As a result, the number of transactions is much higher than in 2019indicating that Litecoin network is increasingly used. All this data shows that the project continues to attract interest, despite the fact that the price is not the stuff of speculators’ dreams. So, can we say that price is undervalued ? Answer in a few months, or even a few years!
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Litecoin price could return to $80 support level
Recently, the price has stalled against the resistance at $115. However, the momentum remains bullish for the time being. Indeed, the share price continues to post rising highs and lows:
The price could find buyers at the support at $80. If this is the case, the price could return to the level of the resistance at $95or even at the resistance at $115. Whatever happens, we’ll need to close above 115 $ to continue the momentum initiated at the end of 2022. The RSI must remain above the uptrendline. For buyers to maintain momentum, the RSI must bounce off the trendline and develop above 66.
Litecoin has experienced its third halving, with a further reduction in rewards for miners. Four years after the last halving, LTC is showing very convincing fundamentals, with notably a rise in hashrate, and in activity on the blockchain. Litecoin’s price is falling, and could return to the $80 support level. Despite the recent fall, Litecoin is still bullish, but will need to close above $115 to continue the momentum initiated at the end of 2022. XRP also has the potential to bounce off important supports, but will the buyers be there?
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