The crypto space is about to receive a bullish push as the Litecoin halving is just a few days away. The halving event is scheduled for August 2, 2023. The miner’s rewards will drop from 12.5 to 6.25 LTC per block. The LTC price has been trading with acute strength for the past few weeks. Hence, the anticipation of maintaining a fine upswing soon after the event is high. The price is currently trading at $88.83 and can rise above $100 in no time.
Besides, the bears also appear to have held $100 levels and have not allowed the price to surpass it since April 2023. Presently, the price faced rejection before testing $100 and is maintaining a descending trend to reach lows close to $80. This could be a good buying opportunity, as an upswing may push the price back towards the $100 region.
The LTC price rose, gaining massive profits recently with off-the-range lows. However, the current price appears to be overextended and trading near highs. Therefore, a short-term pullback could be imminent, which may offer a good buying opportunity. An active trading range is defined by the range lows at $80 and highs at $98, where-in the prices have been trading for almost 6 months, displaying a strong re-accumulation.
The premium prices range between $101 and $103 overhead and between $75 and $78 below the crucial support. Therefore, the price may experience a pullback or retest of range lows during July. After testing the lows at around $82, the price may head towards the premium prices overhead. The halving that may occur around this time may lift the price slightly, but it may be followed by a bearish pullback.
Hence, the Litecoin halving impact may remain only for a short time frame, following which the price may again fall into a deep bearish well.
