Similar to Bitcoin, Litecoin undergoes a halving every four years. The next halving is scheduled to occur on block number 1,680,000 on the 6th of August 2019. The event has been known to be a price action catalyst. With more miners than ever competing before the rewards are halved, recent reports illustrate that hashrate and difficulty are reaching new highs.
Guided by the trendline, Litecoin has been on a steady rise since February 2019. This has allowed Litecoin to reach the weekly level around $110, annotated on the chart. After a few days of consolidation, the price has rejected this region as it is very strong and unlikely to break on the first attempt. As long as the trendline holds, Litecoin’s price has more upside to explore.
If the weekly level is broken, Litecoin can reach the $150 psychological level, followed by $184 and finally $234. Conversely, if the trendline does not hold and it breaks, Litecoin’s may well fall down to the $70 region.