Everything you need to know about Litecoin Halving👨🏫Hi everyone👋 (Reading time less than 5 minutes⏰) .
In this post, I tried to share all the information you need about Litecoin Halving. (in terms of Fundamental and Technical ).
📚First, let's learn more about Halving and especially Litecoin Halving .📚
💡 What is a block-halving event ❗️❓
As part of Litecoin's coin issuance, miners are rewarded a certain amount of litecoins whenever a block is produced (approximately every 2.5 minutes ). When Litecoin first started, 50 litecoins per block were given as a reward to miners. After every 840,000 blocks are mined (approximately every 4 years), the block reward halves and will keep on halving until the block reward per block becomes 0 (approximately by year 2142 ). As of now, the block reward is 12.5 coins per block and will decrease to 6.25 coins per block post-halving.
💡 Why was Litecoin Halving done ❗️❓
Litecoin was designed as a deflationary currency . Like gold , the premise is that over time, the issuance of litecoins will decrease and thus become scarcer over time. As litecoins become scarcer and if demand for them increases over time, Litecoin can be used as a hedge against inflation as the price, guided by price equilibrium, is bound to increase. On the flip side, fiat currencies (like the US dollar) inflate over time as its monetary supply increases, leading to a decrease in purchasing power. This is known as monetary debasement by inflation. A simple example would be to compare housing prices decades ago to now, and you'll notice that they've increased over time!
💡 What is the Litecoin Halving History ❗️❓
Litecoin has had two halving events already - one in 2015 and another in 2019 . In turn, while the block mining rewards were 50 LTC in 2011 when Litecoin was created, they are currently 12.5 LTC per block, and after the 2023 LTC halving, they’ll be 6.25 LTC.
💡 When is the Next Litecoin Halving ❗️❓
The next Litecoin halving date is expected to be 02 Aug 2023, 17:19:28 UTC .
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📈 Technical :
Now that you have obtained the required information about Litecoin Halving, let's look at the technical chart conditions when the halvings happened.
If you pay attention to the chart, you will notice that Litecoin always starts to grow and break the downtrend lines a few months before the Halving of Litecoin happens. In fact, when Litecoin Halving happens, Litecoin is in a downward trend .
The beginning of the decline of Litecoin from the time of the price peak to the time when the halving of Litecoin took place in the previous two halvings was about 49 days , and if there is a similar happen in this halving, the price peak is expected in the next week or two and in the 🔴 resistance zone($150-$132) 🔴.
In fact, Litecoin's price increase is likely to be similar to the previous halving and is accompanied by a fake breakout of the 100-SMA .
The price drop seems to happen in such a way that the Uptrend line breaks down for a few weeks, but the price starts to grow again; of course, we have to check the cryptocurrency market conditions at that time.
In general, if we look at the weekly chart of Litecoin , there is a possibility of forming an ascending triangle in the long term. What is your opinion❗️❓
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According to the explanation above, do you think that the movement of Litecoin is like the previous two halvings❗️❓
Litecoin Analyze ( LTCUSD ), Weekly time frame ⏰.
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