Home
News
- 1 Litecoin currently trades at $94.53 with a loss of 0.21% during the intraday trading session.
- 2 LTC price has crossed 20-day EMA negatively but still trades above 50,100 and 200-day EMAs.
- 3 The year-to-date return of Litecoin is 35.22% while the three-month return is -5.16%.
LTC price was bullish after the release of news regarding BlackRock, the world’s largest asset manager, filing for Bitcoin Spot ETF. On June 15, LTC price formed support at $73 level and started to rise. The cryptocurrency price faced rejection near $91 and retraced to form a support at $83.
It regained bullish momentum. The rally led to the creation of an annual high at $115. The price experienced a strong rejection from $115 which pushed the price into a corrective phase.
Recently, the price formed support at $94.50 and started its journey to rise above $100 but faced rejection from $102 and retraced back to the support. If bears can push the price below $94.50, it might melt toward the next support level of $83 causing a loss of roughly 12%.
Source: LTC/USDT By TradingView.
The current candle broke the low of the previous candle and the support level, but bulls entered the market and pushed the price back above $94.50. If the price can regain bullish momentum and shatter the resistance level of $102, it might head toward the next resistance level and annual of $115.
Litecoin Halving Event
The halving event of Litecoin is scheduled on 2 August,2023 which occurs every 4 years in the Litecoin blockchain. This will lead to the block rewards that miners receive for validating transactions will be cut in half, from 12.5 to 6.25 LTC.
Halving helps in reducing the supply of new LTC entering the market which will lead to lower supply and increase in price due to higher demand. Analysts conclude that there are two possibilities regarding halving event effects on price.
Firstly, it might lead to a rise in price due to less supply of LTC making it more scarce. Another possibility is that halving might lead to a short-term sell-off as miners sell their LTC holdings in order to cover their costs.
Will LTC Price Break Above Annual High Of $115?
The cryptocurrency price has crossed the 20-day EMA negatively indicating a rise in bearish momentum. It still trades above 50,100 and 200-day EMAs. Chaikin money flow score is 0.14 suggesting that there is strength in the price. RSI has crossed below the 50 mark and currently trades at 49.73 denoting that price is in neutral territory facing the same pressure from bulls and bears. The long/short ratio is 0.91 with 47.7% longs and 52.3% shorts indicating higher selling pressure over the price in the last 24 hours.
Conclusion
The market structure and price action of Litecoin has turned bearish after the price faced rejection from $102. The technical parameters indicate that there is a strong presence of bears and a possibility for the price to revisit $83.
Technical levels
Major support: $83 and $73
Major resistance: $102 and $115
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.
