- 1 Litecoin’s price is currently trading at $88.03, with an increase of 1.09% during the intraday session.
- 2 LTC price is on the way to cross above all the significant EMAs.
- 3 The year-to-date increase in LTC price is 25.58%, while the three-month change is -5.43%.
After a difficult start in the first week of May, LTC price has started to surge after forming support at the $77.50 level. Even the crypto winter has not been able to affect Litecoin’s growth and reputation. Recently, the cryptocurrency price received a rejection from $94.10, which initiated a correction.
The bears started to jump in the market and pushed the price down to correct the May month upsurge. The recent support has formed at the $85.60 level. For the past three days, LTC price has been in bullish momentum and is headed toward the immediate resistance level of $94.10.
If bulls can breach the immediate resistance, there is a higher probability for the price to head toward a significant resistance level of $103.10, and most certainly rise above the annual high of $105.71 formed on 16 February. A break and close above the $105 level would confirm the move, and the price can head toward the $115 level.
Litecoin Halving Event
The halving event for Litecoin is slated for August. The Litecoin halving event will slash the mining rewards by 50% from 12.5 LTC to 6.25 LTC. The LTC crypto price has also increased significantly as investments pour in, in the excitement of the halving.
One way the LTC price might react to the event is that it will either rise in the coming weeks amidst a halving event, and then stabilize before the halving event; or the LTC price will fall in August after anticipation cools down.
Many experts predict the continuation of the bull market until the halving event, and the arrival of non-fungible tokens (NFTs) on the Litecoin network supports the statement.
Another concern is that Litecoin miners are selling LTC. Usually, when a halving event approaches, crypto miners look to stock up their reserves, but this is not the case with the Litecoin network. Miners are taking advantage of the high price for profit booking, which might result in a slowdown of the Litecoin rally.
Will LTC Price Reach $120 Level?
Relative strength index trades at 49.70 in the neutral territory indicating the same pressure from bulls and bears. Chaikin money flow is favouring the bull’s side and is currently at 0.24 indicating strong bullish strength price. LTC price is rising upward after forming a support near the 20-day SMA and is headed toward the upper band of bollinger. The long/short ratio is 1.06 with 51.54% longs and 48.46% shorts suggesting more buying positions in the last 24 hours.
Conclusion
The market structure and price action for Litecoin is currently bullish but the miners are booking profits. The technical indicators are favouring the buy side.
Technical Levels
Major support: $85.60 and $77.50
Major resistance: $94.10 and $103.10
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.