📈Crypto Outlook 📈: Altcoin to watch in August| Litecoin (LTC)
With the halving of its reward imminent in August, Litecoin (LTC)is an altcoin to closely monitor and observe in the next few months. The mining profitability of LTC is up by 125% and when we take a step back and scrutinize the situation, only a small percentage of projects (maybe close to 1%) are able to achieve a huge mining profit margin of 125%. This means a good amount of upside exists for speculation space in the coming weeks for traders and investors alike.
History has shown that good news such as the halving in coin reward in the beginning of August usually means that a mega bull run could possibly occur, pushing the prices of LTC up. With that being said, this is where retail investors should beware, as whales would be taking profits and leave the retail investors holding the bag.
However, with the LTC halving happening within less a week, will the price action play out just like before? According to the log chart, LTC is now at the pre-halving exhaustion phase, as all the hype and rally has been priced in since January 2019. Based on our technical analysis, LTC would likely consolidate in the pennant before breaking out and transiting into another bull run in 2020–2021, however, the breakout might come earlier than expected this time around! Long term forecast for LTC shows that it might hit a target of 600USD — 700USD (Green box).
Recommended entry position for swing traders would be within 60USD — 80USD with a Profit Target around 100USD — 120USD.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Tokenize Xchange. Every investment and trading move involves risk, you should conduct your own research when making a decision.
