The fact that Bitcoin saw $ 31,000 in the morning made the entire crypto money market move. Although BTC could not hold above $ 31,000, altcoins such as LTC and BCH continue to rise.
When we look at the Litecoin side, we see that there is a short time of 32 days until the halving event. Just like in Bitcoin, in Litecoin, there is a halving for a certain period of time, that is, the rewards received by the miners decrease by half.
This event, which is considered the biggest indicator of the bull market in Bitcoin, is also very effective on the LTC price. Because before LTC experienced a halving event before, after a mini rally, a decrease and an increase is seen again.
When the graph is examined, it is seen that Litecoin peaked about 1 – 1.5 months before the halving date, then moved downwards, and after a while, it rose with the recovery of the market.
However, trading should be done by taking into account that the previous halvings took place in 2015 and 2019, and the market maturity at that time should also be taken into account.
According to experts, before the halving, which is expected to take place on August 2, LTC actually failed to show the expected performance for the time being. Although it has increased by 15 percent during the day, when we look at the previous cycles, it is seen that the rises were more severe before this event.
Although it could not rise sufficiently in this period due to the general fragility of the crypto money market, it is possible to see extra rises in LTC with the recovery of the market.
When we look at the chart, it is seen that the important resistance points are $ 97, 104 and $ 115. A quick break of these levels can enable the price to see $141 with the effect of the halving event.