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Litecoin (LTC): Historical data suggests a possible 200 percent rally



 Has Litecoin hit a bottom?

Litecoin has undergone two halvings since its inception in October 2011. The first occurred in August 2015 when the block reward was reduced from 50 LTC to 25 LTC. The second was in August 2019 , which lowered the reward from 25 LTC to 12.5 LTC.


Each of these Litecoin halvings was preceded by a volatile LTC price cycle. First there was a huge rally, then a massive dip, a bottom and then a recovery to the local high.


After the Litecoin halvings, LTC price corrected from its local top, formed another bottom, and was followed by another massive price rally to a new record high as shown below.

Litecoin 's third halving is coming in July 2023. Market analysts are pointing out that LTC price is going through the same trajectory as before the 2011 and 2019 halvings and is now in the bottoming phase.


The Scalping Pro, an independent market analyst, looked at a couple of indicators namely the MACD and the RSI, confirming the bullish outlook. Momentum indicators show how oversold or overbought an asset is. This way you can predict possible trends.


On a weekly basis, LTC's RSI and MACD are extremely oversold. This coincided with the market's lows prior to previous halvings. The analyst believes this is a clear indication of another major LTC rally.

The Fibonacci retracement grids between the highs and lows of the Litecoin pre-halving correction make it clear that the Fib lines at 0.236 and 0.382 are very likely to be tested.

In 2011, for example, Litecoin hit its local high at the 0.236 Fib line at $10 in July. It bottomed out at $1.31 six months earlier.


In 2019, LTC price made a local high at the 0.382 Fib line at $340 in June after recovering from around $21 in December 2018.

These levels could become local highs if Litecoin confirms the bottom at $40. In other words, from current levels, there could be a 100 percent or 200 percent increase by July 2023.

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