With the LTC halving event soon approaching, many are wondering the new heights LTC will reach in terms of value.
According to News BTC, the previous halving event led LTC to experience a 400 percent surge in prices. They further investigated the likelihood of attaining said value and below is a brief overview.
Litecoin [LTC] Currently Trending!
With Bitcoin [BTC] gradually making its way upwards, many of the altcoins have also witnessed a similar trend. However, this has not been persistent for many.
During the weekend, it seems like all signs have been in favor of LTC, as not only has its market capitalization gone up (roughly $5.7 billion), but this also led LTC to take a position above Bitcoin Cash [BCH]. News BTC also reported LTC’s performance for the year thus far amounts to a 333% gain, which is said to exceed that of Bitcoin’s.
LTC’s Soon-Approaching Halving Event, What Will Be the Outcome?
With the halving event set to occur on Monday, August 5, anticipations are high for the token. The latter is merely due to the comparison many are making in relation to the previous halving event, which led LTC to witness a 400% increase.
News BTC looked into LTC’s trends as a whole and reported that the next resistance level is at $180 with another set at roughly $225. Based off of the 2017 trends, the news outlet was quick to notice that LTC does not “hang around” but instead has benefited from pumps. Nevertheless, this was backed up by the fact that it was “purely speculative FOMO”.
The aforementioned increase was when LTC was sitting at roughly $1.70 and after its halving event, the token value went up to $8.50. Hence, it has been concluded that such a pump could arise, and FOMO could lend a helping hand in making this a possibility.
What are your thoughts on the upcoming halving event? Do you expect LTC to overcome the previously mentioned resistance levels? Let us know in the comments below.