• The market appears to be gearing up for the upcoming Litecoin halving event, with the popular coin attempting to end the week with a bullish close.

  • Litecoin’s price continues to fluctuate within the pre-determined range without triggering a bullish move or a bearish exit.

  • Although it is possible that the price of Litecoin could rise after the halving event, the likelihood of maintaining gains over the long term is likely low.

With just 10 days left until the Litecoin halving event; the number of wallets holding at least 100 LTC is increasing, so how will it affect the LTC price?

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Table of Contents

  • There is only a short time left until the Litecoin halving event

  • Litecoin halving excites Bitcoin investors

There is only a short time left until the Litecoin halving event

The market seems to be preparing for the upcoming Litecoin halving event, with the popular coin attempting to end the week with a bullish close. Despite the recent downward trend, the value of most cryptocurrencies such as Bitcoin, Ethereum, and XRP have remained stable above recurring support levels. Therefore, it is expected that the market will react positively after the event and the price will gain intermediate resistance levels.

Meanwhile, Litecoin’s price continues to fluctuate within the pre-determined range, without triggering a bullish movement or bearish exit. Therefore, the likelihood of being less affected by the halving event increases. In addition, data from the popular on-chain platform Santiment shows that more traders are participating, which could lead to increased buying pressure in the coming days and the halving event.

According to the data, 1,185 addresses holding at least 100 LTC have been added, bringing the total to about 36,6 wallets. Therefore, the enthusiasm of traders has increased significantly due to the chance of a bullish breakout in the event. The platform also recently shared crowd calls reflecting market sentiment. Currently, there is a large amount of bullish market bullishness, which could lead to a significant increase in the value of the coin. However, there are also concerns that the price may fall immediately after the rise.

Interestingly, bearish calls are also increasing, which could push the price to higher levels in the coming days. Therefore, the market conditions remain uncertain as trader sentiments are aligned in both directions. Therefore, while there is a chance that the price of Litecoin could rise after the halving event, the likelihood of sustaining gains in the long term may be low.

Litecoin halving excites Bitcoin investors

The halving event is expected to take place on February 13 for Litecoin and is expected to take place on February 24, 2024 for Bitcoin. The halving event cuts the block reward for miners in half, meaning it is a halving. As the Litecoin halving event approaches, the incredible rise in Litecoin’s price has also raised expectations for Bitcoin.

Litecoin price reached $114 on March 3, reaching its highest level since January 2024. Investors who expect the same performance from the Bitcoin halving event are focusing on the Bitcoin halving event in 2024. The halving event will take place in 2024 and will be Bitcoin’s 50th halving event, reducing the reward from 3.25 BTC to <>.<> BTC.

Despite the challenges that the Bitcoin halving event is expected to bring to miners, investors still believe that it will lead to a bullish rally, and one of the biggest factors driving this belief is Litecoin’s rally.