The Litecoin halving is only 14 days away, and the coin has been generating news, both positive and negative. Before we divulge more into the Litecoin price analysis, here are the current statistics regarding the coin.
Litecoin Statistics LTC/USD
• The coin has a current market price of $96.16, which is only 25.622% of its all-time high market value of $375.29.
• Litecoin has a market cap of $6,036,100,321
• A 24-hour trading volume of $2,288,085,771
• Its major demand zone is at $56.57, and the major supply zones are $115.10, $150
Litecoin Price Analysis
Litecoin is one of the few coins that have shown great performance compared to Bitcoin since the beginning of this year. In December last year, the coin’s value was at $22, but it has since been able to hit highs of $144.41 in June according to Coinmarketcap.
This week, Litecoin has been able to hold on to the $76.47 demand zone. However, the coin is expected to drop in the coming weeks. From the chart below, it is clear that if Litecoin continues to perform the way it is currently, it is likely to witness a bearish drop to the $56.47 demand zone.
Currently, things don’t seem to be any good for the number four coin, but according to Charlie Lee, there is hope for the price to grow because of the massive buying being experienced currently.
“In terms of the price, the halving should be priced in because everyone knows about it since the beginning. But the thing is people kind of expect the price to go up. So a lot of people are buying in because they expect the price to go up and that’s kind of a self-fulfilling prophecy. So, because they’re buying in, the price does actually go up.” said Charlie Lee
Litecoin’s founder, Charlie Lee has also gone on record to state that the Litecoin’s supply will experience a sharp drop after the 5th of August 2019, when the halving is expected to take place. Charlie Lee explained that most miners will stop mining the coin because it won’t be as profitable as it is currently. The block reward will drop from 25 LTC to 12.5 LTC.
If you trade in cryptocurrency, you need to follow market trends. With that, you will be able to make better investment decisions.