One of the most eagerly awaited events of 2023 is the third halving in the history of Litecoin (LTC), which is rapidly approaching.
According to the predefined Litecoin halving timeline of the Litecoin protocol, the Litecoin halving cycle happens every 840,000 blocks. The first Litecoin halving occurred in 2015, and the second one occurred in 2019.
The block reward for Litecoin was halved in 2015, going from 50 LTC to 25 LTC. The block reward was decreased from 25 LTC to 12.5 LTC each block in the most recent Litecoin halving event, which took place in 2019. The Litecoin mining payouts will be halved from 6.25 LTC to 3.125 LTC in the forthcoming event.
Ahead of the event, which happens in around five days, excitement is growing since the Litecoin halving has traditionally been linked to increased price potential.
The OKLink analytics software displays a countdown till the halving event. The anticipated date of August 2 was five days and five hours away at the time of writing. There are now 3,005 blocks left in this event.
Prior to the major halving event, as previously reported, Litecoin completed its 170 millionth transaction, marking a huge milestone in network transactions.
Here’s price reaction
With anticipation for the impending halving event, Litecoin’s price increased dramatically during the most of June, reaching a peak of $114 on July 3. Following profit-taking, the price of LTC dropped below the $100 threshold, where it is now trading.
At the time of writing, LTC had marginally increased to $91.11 over the previous day. Two things are noticeable on the LTC daily chart: first, the daily moving averages are about to converge, and second, Litecoin is now trading in a triangular pattern.
Consequently, traders will watch for the LTC triangle formation to contract, which might signal a breakout to the upside or downside. On the upside, it is still the goal to reach the $114 high; in the case of a collapse, support might be seen below the $80 level.
