Litecoin has had a great run this year as it was once up over 300%. However, like all Cryptocurrencies in July, Litecoin has also pulled back as well.
With the halving event one week away, will the event help Litecoin price leg up like it has in the past? The block mining reward halves every 840,000 blocks, and this one will see it decrease from 25 to 12.5 coins. It’s a simple supply and demand equation and should make owning Litecoin more valuable.
After hitting the daily supply at $137, Litecoin has pulled back almost 50%, but has since bounced off the daily demand at $75. The chart suggests it’s going to be tough for the halving event to serve as the catalysts for the next leg up because recently the buyers failed to take out the sellers.
In additional, even if the daily supply at is taken out, the buyers have another battle with the sellers at the daily supply at $124.
The chart suggests this time around the halving event served as a buy the rumor, sell the news type of play.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.
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