The Litecoin halving is just two weeks away, and the cryptocurrency is currently trading in a sideways range. Whale investors and Litecoin miners have placed opposing bets on the price action ahead of the halving.
What is the halving?
The halving is a scheduled event that occurs every four years in the Litecoin network. When the halving happens, the block reward that miners receive for mining a block is cut in half. This means that miners will earn less LTC for each block they mine, which could lead to some selling pressure in the market.
What are the miners doing?
Despite the potential for selling pressure, miners have been accumulating their reserves in recent weeks. This suggests that they are expecting the price of Litecoin to rise after the halving. Miners may be accumulating their reserves in order to sell them at a higher price after the halving, or they may be accumulating them in order to stake them.
What are the whales doing?
Whales are large institutional investors who typically trade large volumes of cryptocurrency. Whales have been reducing their trading activity in recent weeks, which could be a sign that they are expecting the price of Litecoin to fall after the halving. Whales may be reducing their trading activity in order to avoid losses, or they may be waiting to see how the market reacts to the halving before they make any moves.
What is the $90 support level?
The $90 support level is a key level to watch in the coming weeks. If Litecoin breaks below this level, it could open the door to a further decline towards $80. However, if Litecoin is able to hold above $90, it could set the stage for a rally towards $100 and beyond.
What will happen to the price of Litecoin after the halving?
It is impossible to say for sure what will happen to the price of Litecoin after the halving. However, there are a number of factors that could influence the price action. These factors include the overall market sentiment, the actions of the miners, and the demand for Litecoin from institutional investors.
Overall, the LTC price is likely to be volatile in the near future. However, if the miners hold their reserves and the overall market is bullish, there is a good chance that LTC prices could rally towards $100 and beyond.
Here are some additional factors that could influence the price of Litecoin after the halving:
Conclusion
The halving is a significant event in the Litecoin network, and it is likely to have a major impact on the price of LTC. It is impossible to say for sure what will happen to the price, but there are a number of factors that could influence the price action. Only time will tell how the halving will impact the price of Litecoin.
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