The Litecoin (LTC) ecosystem has grown to more than 9.5 million users around the world according to on-chain data. As the third largest proof-of-work (PoW) blockchain and one of the oldest crypto assets with deep liquidity, the Litecoin network has attracted crypto investors due to its short-term prospects. Moreover, the Litecoin network is counting less than 44 days to its third halving from Monday.
Notably, Litecoin’s third halving is expected to take place on August 03, 2023, when miners’ reward per block will be reduced from 12.5 LTC to 6.25 LTC. As a result, the consensus among crypto traders is that Litecoin price is about to go parabolic fueled by increased demand and reduced supply. Worth noting that Litecoin has a fixed max supply of 84 million and the total supply is about 73.17 million.
Litecoin Price Analysis
While Litecoin’s fundamentals are well aligned for a bullish outlook, the short-term crypto market sentiments remain bearish following the recent crackdown by the SEC. As a result, experts argue Litecoin price could drop further below $70 to scoop more liquidity for a bullish outlook.
Litecoin traders are closely monitoring the weekly falling logarithmic resistance that began after 2021’s bull rally.
A breakout above the resistance level could yield a 30 percent rally toward $140, with intense speculation likely to push the price even higher. Nevertheless, Litecoin traders should carefully consider possible weaknesses leading to further capitulation in the coming weeks.
Source: https://coinpedia.org/price-analysis/litecoin-ltc-price-poised-to-drop-40-before-halving-rally/