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here’s why LTC could explode

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  • Litecoin price traded above $90 on Sunday, with LTC hitting an intraday high of $91.60.
  • The price has twice rejected above $100, but this area remains an important target for the bulls as Bitcoin retests the $30,000 level.
  • If that hurdle is crossed, new momentum towards Litecoin’s halving in August could send LTC’s price skyrocketing toward all-time highs.

Litecoin (LTC) It is trading around $90 after the bulls battled to regain some control after plummeting to the low of $84 last week. The weakness in LTC’s price came after another selloff in March when the price was rejected at February’s year-to-date high of $106.

The drop occurred in a key horizontal resistance area in the $100 zone, which remains a major hurdle as Litecoin enters its final months before halving in August.

Litecoin Price: Are the Bulls in Control?

The $100 drop in LTC prices over the past few weeks signified the emergence of a double top pattern, which indicates the strength of the bears and underscores the potential for continued downtrend. As it happens, the LTC price fell below the uptrend line support after he hit $103 on April 18th and a few days later he hit a low of $84 for LTC/USD. rice field.

However, LTC is now trying to hold onto the $90 territory after a significant daily close above $90, even though the drop wiped out the previous gains. Bulls need to make sure that even if a potential uptrend channel is visible on the daily chart, it is in control by pushing it higher.

Looking at the Relative Strength Index (RSI), we can see that the momentum indicator is just below the 50 line. However, the indicator is trying to break above the signal line. altcoin.

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

Litecoin Price Prediction Before Halving

With about 100 days left until the halving, Litecoin price predictions for 2023 are bullish. The total hashrate of the blockchain recently reached 760 terahashes per second (TH/s), and the network continues to increase the trust of miners.

If the expected halving rally starts amidst the broader market rally, the two main targets above $100 are near $180 and then $300. The all-time high for LTC is around $410, reached in May 2021.

Conversely, a bearish reversal can turn the $65 long-term resistance into a support area. Below that, the major buffer in Litecoin price remains around $40 on a multi-year basis.

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