The Litecoin (LTC) ecosystem is waiting for the third halving to take place on August 03, 2023. The Litecoin halving event will reduce the supply of new coins by half thus helping existing LTC assets gain more value. Furthermore, Litecoin has a fixed total supply of 84 million and a programmed block reward to miners.
As a result, the third largest proof-of-work (PoW) blockchain, after Bitcoin and Dogecoin, has recorded a sharp uptick in on-chain metrics in anticipation of the halving rally.
Moreover, Litecoin’s price did not rally beyond its ATH after the second halving event, which happened in August 2019. In this regard, crypto traders anticipate the Litecoin price will go parabolic this time after accumulating more fundamentals over the years.
Reasons Why Litecoin is More Bullish
According to a crypto trader and founder of Coinchartist alias Tony “The Bull”, Litecoin price is about to go Parabolic in regards to Hurst’s Cyclical theory. Coupled with the fact that Litecoin has already crossed bullish on the one-month LMACD, while Bitcoin and Ether are still lagging, the analyst is convinced the LTC market is well positioned for a huge breakout.
Additionally, the crypto trader noted that Litecoin price is well supported by the Elliott Wave theory. In this regard, the crypto trader expects Litecoin to rally strongest as his technical analysis shows the LTC market entering the fifth wave, which is considered the largest.
Meanwhile, the analyst noted that Litecoin transactions have significantly spiked almost outperforming Bitcoin.
“Being bearish here doesn’t make sense to me. The idea that we’re merely seeing another 2019 repeat, is extremely basic & is going to fool people into thinking they have several years to buy back in. Momentum says otherwise. This is going to run & you are going to chase it,” the analyst concluded.