On July 19th, according to the blockchain explorer OKLINK, Litecoin (LTC) is expected to undergo a halving on August 3rd, less than two weeks from now. After this halving, the mining reward for Litecoin will decrease from 12.5 to 6.25. LTC Halving Countdown: 14 Days Remaining, Source: OKLINK. Litecoin was officially launched on October 7, 2011. It has already undergone two halvings and is now approaching its third halving. Litecoin halving time, source: Mitrade. Last month, Dash also experienced a reduction in production, but its price did not show a significant increase. This has raised doubts among investors about whether Litecoin's halving will drive an upward trend. So, will Litecoin rise or fall next? Based on historical data, Litecoin tends to experience an upward trend in the first half of the reduction period. However, as the halving approaches or after it takes place, Litecoin has often seen a decline instead of a rise. Litecoin Halving Time and Price Trend, Source: MacroMicro. Additionally, looking at Litecoin's recent trend, it is not very optimistic. On June 30th, Litecoin broke through the strong resistance at $100, but it later retraced and fell back below that level. On July 13th, an attempt to break above $100 was unsuccessful, and now the once strong support at $100 has turned into a strong resistance. Based on the Bollinger Bands, Litecoin's price is also in the lower range, indicating a weaker trend. The next crucial step for Litecoin would be to reclaim the $100 level in order to have hope for improvement. However, with only 14 days left until the halving, will there be significant positive news during this time remains uncertain. Litecoin Price Trend from 2022 to Present, Source: TradingView. Typically, Bitcoin's rise drives the overall market sentiment. However, recently, BTC has been experiencing a period of consolidation, and with the high probability of a Fed rate hike in July, BTC faces the risk of a pullback. Once BTC breaks below the bottom of its consolidation range, Litecoin and other altcoins are also likely to be affected. Bitcoin Price Trend from 2022 to Present, Source: TradingView.
