With the halving of its reward imminent in August, Litecoin (LTC)is an altcoin to closely monitor and observe in the next few months. The mining profitability of LTC is up by 125% and when we take a step back and scrutinize the situation, only a small percentage of projects (maybe close to 1%) are able to achieve a huge mining profit marigin of 125%. This means a good amount of upside exists for speculation space in the coming weeks for traders and investors alike.
History has shown that good news such as the halving in coin reward in the beginning of August usually means that a mega bull run could possibly occur, pushing the prices of LTC up. With that being said, this is where retail investors should beware, as whales would be taking profits and leave the retail investors holding the bag.
Based on our current technical analysis, the next bull run would possibly continue for next 60 days with a target price level of $170, an additional 50% increment in prices before a potential dive down to $90 to find demand zone after halving. After that, the market would be waiting for an overall market cap expansion before LTC looks to retest and break the $170 and $200 resistance price level.
Stay tuned to future editions of Crypto Outlooks, as we are looking to cover more interesting topics and tokens such as stable coins such as MakerDao (MKR) and many more!
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Tokenize Xchange. Every investment and trading move involves risk, you should conduct your own research when making a decision.