Amid anticipation for the upcoming halving event, Litecoin saw extraordinary price growth throughout the whole of June, reaching a peak on July 3 of $114. Profit-taking then drove the price of LTC below the $100 threshold, where it is currently trading. LTC had marginally increased to $91.11 at the time of writing in the previous day.

Two things are noticeable on the LTC daily chart: The daily moving averages are set to converge as Litecoin trades in a triangular formation at the moment. Due to the possibility of an upside breakout, traders will watch for the LTC triangular formation to contract. The goal is still to surpass the $114 high on the upside.

Regarding the future of the LTC price, analysts’ predictions differ, with many predicting a price increase after the halving. Market bulls anticipate that the halving will accelerate LTC’s rise and lead to a potential retest of its previous 52-week high of about $114.50. Even more wildly, supporters of the Litecoin network think that in the months after the halving event, the cryptocurrency will surpass its all-time high of $412.96.

The cryptocurrency market is keenly awaiting the effect of decreased mining rewards on LTC’s price as the countdown to the event begins. The Litecoin halving is expected to be a significant event that will influence the direction of the well-liked token, whether it results in a rush to new highs or sparks a selloff remains to be seen.

This should help raise LTC’s price over the long term, though we might also see a rally for the altcoin in the days before the halving. Currently trading at about $89, LTC could return to $100 over the course of the upcoming week, with the market’s return to more bullish conditions pushing it up towards $150 by the end of the year. Additionally, if 2024 is a bull market, LTC may rise to $200 or $250 by the middle of the year.