According to Poppe, LTC has to surpass the $98.50-$99.50 levels to go forward quickly.
The halving will take effect on August 2nd, and miners will only be able to create 6.25 LTC.
Michael van de Poppe, a well-known cryptocurrency trader, and analyst, recently tweeted a graphic predicting the future value of Litecoin. According to the expert, Litecoin (LTC) has a “nice sweep of the low” on the LTC chart. According to Poppe, LTC has to surpass the $98.50-$99.50 levels in order for things to go forward more quickly.
The quantity of LTC created (and hence the value of miners’ incentives) will be halved in a predetermined event called a “halving” that occurs every four years. For this reason, it is referred to as “halving” or “halvening.” The change will take effect on August 2nd, and miners will only be able to create 6.25 LTC instead of the current 12.5 LTC.
High Volatility Expected
In April or May of 2024, Bitcoin, the most popular digital currency, will halve its mining reward. The deflationary and scarcity effects of halving might theoretically lead to a price increase for crypto.
On May 10, 2021, the price of Litecoin hit $412.96, marking a new all-time high. As of writing, LTC is exchanging hands at $96.44, up 1.53 percent in the past 24 hours from its previous price on CoinMarketCap. This is 76.58% less than its all-time high. Santiment recently revealed that the number of LTC whale addresses has been growing in tandem with the approaching halving event.
The number of LTC millionaire addresses has grown over the previous five months, with 32 new wallets containing 10,000 LTC or more appearing. Furthermore, IntoTheBlock reports that Litecoin holders have shown a lot of faith in LTC since almost 13% of all LTC in circulation have not changed hands in over five years.