The Litecoin halving is set to occur on August 2, 2023, and is expected to have a bullish effect on the crypto space. This event will reduce miner rewards from 12.5 to 6.25 LTC per block. The price of LTC has been strong in recent weeks, leading to anticipation of a significant upswing after the halving. Currently trading at $88.83, the price could quickly rise above $100. However, bears have prevented the price from surpassing this level since April. The price is currently experiencing a descending trend, potentially reaching lows near $80. This presents a buying opportunity, as an upswing could push the price back towards $100. Despite recent gains, the price appears overextended and a short-term pullback is expected, creating another opportunity to buy. The price has been trading within a range of $80 to $98 for the past six months, indicating strong re-accumulation. Premium prices range from $101 to $103, while crucial support is between $75 and $78. A pullback or retest of range lows may occur in July before the price moves towards the premium prices overhead. The halving may cause a slight price increase, but a bearish pullback is expected afterwards. Therefore, the impact of the Litecoin halving may be short-lived, with the price falling into a deep bearish trend once again.
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