Saturday, 25 May 2024
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here’s why LTC could explode

here's why LTC could explode

  • Litecoin price traded above $90 on Sunday, with LTC hitting intraday highs of $91.60.
  • While price has rejected twice above $100, the area remains a key target for bulls as Bitcoin retests the $30k level.
  • If it breaks above the hurdle, fresh momentum heading into the Litecoin halving in August could catapult LTC price towards its all-time peak.

Litecoin (LTC) is trading around the $90 level after bulls battled to regain some control following the sharp sell-off to lows of $84 this past week. The weakness in the price of LTC came after another dip in March that saw the price rejected at year-to-date highs of $106 in February.

The decline occurred at a key horizontal resistance area at the $100 zone, which remains the main hurdle as Litecoin enters the last few months before its halving in August.

Litecoin price: are bulls taking control?

The LTC price rejection in the past weeks at $100 meant a double top pattern appeared, which signals bearish strength and highlights the potential for downward continuation. As it happened, LTC price broke below an ascending trendline support after hitting $103 on 18 April and a significant drop a few days later had LTC/USD hugging lows of $84.

But despite the previous gains being wiped out by the decline, LTC is currently trying to maintain the $90 area after a critical daily close above it.  Bulls will need to confirm they are getting in control by pushing higher even as a potential rising channel appears on the daily chart.

A look at the Relative Strength Index (RSI) shows the momentum indicator is just below the 50 line. However, the indicator is looking to cross above the signal line to suggest further possible accumulation of the altcoin.

Litecoin price LTC/USD daily chart outlook. Source: TradingView


Litecoin price prediction ahead of halving

With approximately 100 days left before halving, the Litecoin price prediction for 2023 is bullish. The network has continued to see greater miner confidence, with the total hashrate for the blockchain recently hitting 760 terahashes per second(TH/s).

If the expected halving rally kicks in amid a broader market uptick, the two main targets above $100 will lie…

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