By utilising blockchain technology, the digital currency known as Litecoin (LTC) makes it possible to conduct transactions that are rapid, secure, and affordable. The digital currency was designed using Bitcoin (BTC) as its inspiration; however, it contains a unique hashing algorithm, a higher hard cap, shorter block transaction timings, and a few other distinctive characteristics. Litecoin is an excellent choice for usage in microtransactions and payments made at points of sale due to the fact that its block time is approximately 2.5 minutes and that it has minimal transaction fees.

Litecoin was first made available to the public on GitHub’s open-source client on October 11, 2011. After another five days, on October 15, 2011, the Litecoin Network went operational for the public. Since that time, its worth on the market as well as its application in commercial settings have grown.

Litecoin Price Today

The third halving of Litecoin’s supply is expected to take place sometime in July 2023. Meanwhile, market analysts have already begun to point out that the price of Litecoin is following the same pre-halving trajectory as it did before the events in 2011 and 2019, and that it is currently in the stage where it is bottoming out.

An independent market analyst by the name of The Scalping Pro added some MACD and RSI momentum indicators to the mix in order to bolster the bullish outlook. Indicators of momentum analyse an asset’s state relative to being “oversold” or “overbought” in order to forecast the possibility of a trend reversal.

LTC’s RSI and MACD have gone severely oversold on a weekly timescale, which coincided with market bottoms just before the previous halving events. As a result, the analyst sees it as a solid indication of another significant price increase for LTC.

#Litecoin ✍️ 1/5🧵 $LTC is forming similar pre-halving bottom structure like we saw in 2015 & 2019 bottom.

1) Bottom
2) Local Top
3) Halving correction
4) Post halving pump (ATH)

We are still EARLY ?? 👇#LTC #Litecoin pic.twitter.com/CBwwcXViA6

— Mags.eth (@thescalpingpro) November 2, 2022

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