Litecoin is up more than 300%, trading at levels not seen since the Spring of 2018 and even has outpaced Bitcoin in 2019. The main catalyst behind Litecoin’s meteoric rise in 2019 is no other than the Litecoin halving event on Aug. 8th, in just under 60 days. I talked about Litecoin’s halving event 17 days ago.
The current momentum is likely coming from the halving event which is predicted to occur on August 6, just 73 days away. The block mining reward halves every 840,000 blocks, and this one will see it decrease from 25 to 12.5 coins. This effectively increases scarcity and decreases inflation – a Litecoin becomes more valuable. Investors can see this supply drop correlate with an increase in demand which will drive price action.
Since that time price breached the daily supply at $103 and is about to breach the daily supply at $137.
And there’s no reason for price to stop moving higher…buy the rumor, sell the news, but in this case, there is no rumor. Thus, the new level I will be watching is the retested daily supply at a$187.
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.