Litecoin pre-halving fractal hints at 200% LTC price rally by July 2023

Litecoin’s momentum indicators signal extremely oversold conditions, hinting at the formation of a potential market bottom.

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 bottomed out?

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,

LTC/USD weekly price chart featuring halving fractals. Source: TheScalpingPro

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 line

It has marked #Litecoin bottom historically.

Past preformance –
2015 ~ +36246%
2019 ~ +1333%
2022 ~ ???

— Mags.eth (@thescalpingpro) November 2, 2022

Will LTC price reach $180 by July 2023?

Litecoin may see a new local top if it has indeed bottomed out near $40 in June 2022.

Related: Research report outlines why the crypto market might be on the verge of a reversal

Drawing Fibonacci retracement graphs between Litecoin’s pre-halving correction peaks and bottoms highlights the likelihood of testing the 0.236 and 0.382 Fib lines as their upside targets.

LTC/USD weekly price chart featuring Fib line targets. Source: TradingView

For instance, in 2011, Litecoin established its local top at the 0.236 Fib line near $10 in July, six months after bottoming out near $1.31.

LTC/USD weekly price chart featuring pre-1st-halving trend. Source: TradingView

In 2019, LTC price formed its local top at the 0.382 Fib line near $340 in June after bouncing from around $21 in December 2018. 

LTC/USD weekly price chart featuring pre-2nd-halving trend. Source: TradingView

In the current scenario, Litecoin’s 0.236 and 0.382 Fib lines coincide with approximately $130 and $180, respectively.

LTC/USD weekly price chart featuring pre-3rd-halving trend. Source: TradingView

These levels could become potential local tops if Litecoin confirms $40 as its bottom. In other words, a 100%-200% price rally by July 2023 when measured from the current price levels.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.

Related Posts

Crypto Lender Genesis Owes Crypto Exchange Gemini Clients $900M, FT Report

Crypto lender Genesis owes US-based crypto exchange Gemini customers $900 million, according to a December 3 Financial Times report. The report revealed that Gemini had formed a…

WAHED Projects Donates 5 Million Coins to Fund Autism Research

Investment and philanthropy platform WAHED has donated 5 million of its utility token WAHED Coin to Fondazione Europea Alessandro Cenci (FEAC) at a private event in Rome. …

BNX Price Tanks 80% on Rumors of BinaryX Team Selling Treasury Tokens

The BinaryX BNX token has fallen by over 50% in the last 24 hours following rumors of its developers selling treasury tokens. Rumors surfaced earlier today that…

CryptoArt Sundays: Interview with Mist Grafik

Hey all! Welcome to another epic round of CryptoArt Sundays! I’m so excited once again as  get to introduce you to a new, amazing artist this weekend…

Failed FTX Rescue Attempt Revealed, Putin Calls for Digital Currency Settlements — Week in Review

Shark Tank star Kevin O’Leary has revealed his and Sam Bankman-Fried’s failed attempt to raise $8 billion to rescue the now collapsed crypto exchange FTX. In other…

These Are The Two Critical Levels for BTC to Determine the Mid-Term Trend (Bitcoin Price Analysis)

Bitcoin’s price is approaching a significant level, which could prove decisive for the mid-term trend of the market. Although there are some positive signs on the technical…

Generated by Feedzy