Litecoin Price Jitters Ahead Of Halving, $100 Price Zone Could Be Re-established
- Litecoin’s halving, reducing block rewards from 12.5 LTC to 6.25 LTC, is just four days away.
- LTC price action raises concerns about the bearish influence, despite the potential for the post-halving rise.
- Traders eye $100 milestone, but gradual rally is expected amid market uncertainty and growing interest in newer tokens.
As Litecoin’s much-anticipated halving draws closer, crypto enthusiasts have high hopes for the blockchain’s future, while the overall sentiment in the market remains mixed. With just four days remaining until the halving event, excitement, and uncertainty are both evident in the crypto space.
Litecoin, often referred to as the “silver to Bitcoin’s gold,” has established itself as a prominent decentralized platform, offering rapid and cost-effective payment solutions. With its native cryptocurrency, LTC, Litecoin has gained popularity and traction as an efficient network for conducting transactions.
The upcoming halving is expected to reduce the block rewards from 12.5 LTC to 6.25 LTC, potentially impacting the cryptocurrency’s price and overall market sentiment. However, amidst the excitement for LTC’s halving, its price action has been concerning, reflecting bearish influences ahead of the significant event.
Recently, Litecoin’s price experienced a decline, reaching as low as $87 on July 24. However, it has since recovered to its current level of $89.26, showing a 2% drop in the past week. Over the last 14 days, LTC’s value declined by 8%. Despite these short-term fluctuations, the altcoin has made substantial gains of nearly 30% since the start of the year and an impressive 60% in the last 12 months.
With the halving approaching, many investors and analysts believe that LTC might witness another surge in price, potentially making it one of the most profitable major cryptocurrencies of the summer. Predictions indicate that the price could return to $100 over the next week and may even rise toward $150 by the end of the year, given a more bullish market.
However, experts caution that LTC’s rise is likely to be gradual, and traders seeking quick turnarounds might explore newer tokens with significant short-term rally potential. The current price level of around $94.8 broke the bullish trend line from the $70.8 price area, indicating the presence of resistance at $95.4. This resistance could prove crucial as LTC seeks to climb above $100 or faces the possibility of dropping below the 61.8% Fibonacci retracement level at $87.6.
Traders will closely monitor the $97.8 price zone, where the bulls and bears are expected to compete fiercely. The outcome at this level may determine the direction of LTC’s next move. However, the recent bullish momentum, evident in the last three green candles, suggests a potential upcoming rally for Litecoin.
As the market braces for Litecoin’s halving, the crypto community eagerly awaits to see how the event will unfold and its impact on the broader cryptocurrency landscape. While uncertainty prevails, many investors remain optimistic about LTC’s future as a prominent player in the crypto space.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.