The Litecoin (LTC) ecosystem awaits the third halving that will take place on August 3, 2023. The Litecoin halving will reduce the supply of new coins by half, giving existing LTC assets more value. Furthermore, Litecoin has a fixed total supply of 84 million and a programmed block reward for miners.
As a result, the third largest proof-of-work (PoW) blockchain, after Bitcoin and Dogecoin, has recorded a sharp increase in on-chain metrics ahead of the halving rally.
Moreover, the price of Litecoin did not rise beyond its ATH after the second halving, which took place in August 2019. In this regard, crypto traders expect the Litecoin price to go parabolic this time, after accumulating more fundamental values over the years .
Reasons why Litecoin is more bullish
According to a crypto trader and founder of Coinchartist, aka Tony “The Bull”, the price of Litecoin is about to go parabolic with regard to Hurst’s cyclical theory. Combined with the fact that Litecoin is already bullish on the one-month LMACD, while Bitcoin and Ether are still lagging, the analyst is confident that the LTC market is well positioned for a massive breakout.
Moreover, the crypto trader noted that the Litecoin price is well supported by the Elliott Wave theory. In this regard, the crypto trader expects Litecoin to rise the most as his technical analysis shows that the LTC market is entering the fifth wave, which is considered the largest.
Meanwhile, the analyst noted that Litecoin transactions have increased significantly and are almost outperforming Bitcoin.
“It makes no sense for me to be bearish here. The idea that we are just seeing a repeat of 2019 is extremely fundamental and will fool people into thinking they still have several years to buy back. Momentum says otherwise. This is going to happen and you are going to go after it,” the analyst concluded.