Litecoin Price Prediction as Halving Event Approaches – Can LTC 100x From Here?
The price of Litecoin (LTC) has recovered a little after falling as low as $88 this morning, with its current level at $89.26 representing a 2% drop in the last seven days.
LTC is also down by 8% in the past fortnight, although the altcoin is up by 27% since the beginning of the year and by 59% in the last 12 months.
And with Litecoin’s halving set to happen in the next eight days, LTC could be set to rise yet again, potentially making it one of the most profitable major cryptocurrencies of the summer.
Litecoin Price Prediction as Halving Event Approaches – Can LTC 100x From Here?
Litecoin has fallen along with the rest of the market this morning, with last night’s dive – caused partly by the expectation of another Fed rate hike this week – having the result of sending its indicators south.
The coin’s relative strength index (purple) had plunged to 30, yet it’s just about beginning to rise again, moving towards 40 in a possible sign that the dip will be shortlived.
At the same time, LTC’s 30-day moving average (yellow) has fallen further below its 200-day average (blue), nearing a point at which it may have to begin rising again, along with the altcoin’s price.
However, with the coin’s support level (green) slipping further down over the past week, it can’t be ruled out that it may have to take a little more pain before the picture improves.
Although the picture should definitely improve soon enough, what with Litecoin’s next halving due to take place on August 2.
As with Bitcoin halvings, Litecoin will see the block reward paid to miners – currently at 12.5 LTC – cut by 50%, something which will make the cryptocurrency scarcer over time.
In turn, this should help push up LTC’s price in the longer term, although we may also see a rally for the altcoin in the days leading up to the halving.
From its current level of about $89, we could see LTC return to $100 over the next week, with the market’s return to more bullish conditions potentially pushing it up toward $150 by the end of the year.
And if we witness a bull market in 2024, LTC could reach $200 or $250 by the middle of the year.
Newer Altcoins Have More Immediate Potential
However, LTC’s rise is likely to be gradual, meaning that traders after a relatively quick turnaround, may prefer looking to newer tokens that have the potential to rally big in the shorter term.
This is particularly the case with presale tokens, with one of the fastest-rising presales belong to Evil Pepe (EVILPEPE), an ERC-20 meme coin that launched its sale last week.
It has raised over $750,000 in the past few days, with its sale aiming for $1,996,002 and having just under eight days left to go.
EVILPEPE has a total maximum supply of 6.66 billion, of which 90% is reserved for the current presale.
This makes EVILPEPE a highly decentralized meme token, especially when compared to many of the recent wave of new meme coins that have directly listed onto DEXes and often rug-pulled their retail holders.
By having such a wide allocation, EVILPEPE is not only reassuring investors but also motivating them to invest more, since they know they will have a bigger relative stake in the token.
This explains why its presale has already done so well, with new buyers able to acquire some EVILPEPE at a discount by going to the official Evil Pepe website and connecting their crypto wallets.
The presale will have only one stage and will sell EVILPEPE at $0.000333, a price that may end up seeming very cheap once the token lists on exchanges in the next few weeks.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
