Litecoin (LTC), one of the most popular digital currencies in the market, could be skyrocketing over 140% in the next months. This is according to a recent article written by the crypto analyst Kiril Nikolaev. The digital currency could reach $220 after more than a year under that price level.
Could Litecoin Skyrocket In Three Months?
According to Mr. Nikolaev, Litecoin is going to be halving in just a few months, which is going to be reducing Litecoin’s new issuance of coins that are rewarded to miners every single time they find a block. The reward will fall 50% from 25 LTC to 12.5 LTC.
This is clearly bullish for Litecoin because, with a stable or growing demand, the price of the digital currency should grow. The exact day for the halving is going to be on August 6. Although the price of Litecoin has already tripled this year, it could keep growing and reach new highs in more than 12 months.
As per the analyst, Litecoin’s price is currently in a consolidation phase that could end up in a new price increase. The expert says that the upward movement that Litecoin experienced is following a positive diagonal that remains intact.
Moreover, the three moving averages are in “perfect bullish alignment.” Moreover, Litecoin is currently forming a massive inverse head and shoulders pattern on the weekly chart. This pattern has been constructed in over a year, which is a very long period of time. Following this pattern, Litecoin is expected to reach $175.
At the same time, the analyst explains that Litecoin is not going to experience true resistance until $220. Nikolaev said that the virtual currency will take some time consolidating around $175 before it reaches $220. The price target that the author gave is $220 before August 2019.
At the time of writing this article, Litecoin is being traded around $90.62 and it has a market capitalization of $5.61 billion. Litecoin is the 6th largest digital asset in terms of valuation.
Bitcoin Market Price Chart in RealTime