This catalyst could push Litecoin price higher soon

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  • Litecoin has been one of the top performing large-cap coins.

  • The countdown to the Litecoin Halving has started and there are 130 days left.

Litecoin The price has seen a strong correction in the past few days as investors are anticipating the upcoming halving event. LTC has been one of the top performing cryptocurrencies since June last year, gaining over 130%. Litecoin was trading at $92.17, down almost 40% from its lowest point this year.

LTC halving countdown

Halving is an important part of proof-of-work (PoW) blockchains such as Bitcoin, Dash, and Bitcoin Cash, as it halves block rewards for miners. The goal is to reduce supply even as demand increases. As such, the concept boosts coin prices.

Litecoin, a well-known proof-of-work cryptocurrency, will undergo its halving event this year. Data compiled by Nice Hash shows that the next halving will occur on August 6th this year, which means it is roughly 130 days away.

The Litecoin halving will occur when the block height increases from the current block height of 2.446 million to 2.52 million. This halving event occurs after every four years and will see the block reward drop from the current 12.5 LTC to 6.25 LTC.

Historically, cryptocurrencies tend to rise before halving events. For example, bitcoin made a huge jump ahead of its last halving event in May 2020. It came back soon after.

There has been a huge drop in the hash rate of Litecoin in the past few days. It currently stands at 710 TH/s, which is less than all time As high as 785 TH/s. Hash rate is important data that reflects the health of proof-of-work cryptocurrencies.

Litecoin Price Prediction

LTC Chart by TradingView

The daily chart shows that LTC has been in a strong bullish trend over the past few months. It managed to turn the key $84.51 level into support. The coin has moved above the 25-day and 50-day exponential moving averages and both have formed a bullish crossover.

Litecoin has moved above the ascending trend line shown in green. It has also formed what looks like a bullish pennant pattern. Hence, the coin is likely to witness a bullish breakout, with the next reference level seen at $105.62.

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