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LITECOIN PRICE ANALYSIS CMP-$91.00: Is $100 in Sight Ahead of Halving?

Key Takeaways
  • Currently LTC is trading inside the Descending Triangle pattern on the 4-hour chart
  • On the daily chart, LTC formed a Doji pattern yesterday, indicates indecision in the market
02-Aug-2023 By: Lokesh Gupta
LITECOIN PRICE ANALYSIS CMP-$91.00: Is $100 in Sight Ahead of Halving?

The LTC is rebounding from the $90 zone against the dollar.

Litecoin’s price has taken an unexpected turn leading up to the halving event. Over the past couple of weeks, Litecoin's performance has been disappointing. However, there is now a glimmer of hope as the coin's chart indicates a potential upward movement. The indicators are primed to rise from their oversold positions, hinting at a possible positive trend in the near future.

On The Daily Chart:

On the 1st of August, the Litecoin price experienced a notable downtrend as bears took control, pushing it towards the critical support level of $88. Nevertheless, the bulls swiftly stepped in, buying the dip and leading to a strong rebound above the $90 mark. The daily price chart indicates a short-term bullish trend, with the current price slightly above both the 100-day and 200-day exponential moving averages. Notably, the support between $88 and $90 has demonstrated resilience. Looking ahead, the halving event is expected to alter the supply and demand dynamics, potentially favoring the LTC bulls.

On The 4-Hour Chart:

On the 4-hour price chart, Litecoin (LTC) is currently moving within a pattern called the Descending Triangle. Despite this pattern, the bulls are putting in effort to push the altcoin's price above the Exponential Moving Average (EMA) lines, especially around the $90 level. The Bulls Power (BoP) indicator also indicates a bullish region, which suggests that there might be more upward movement in the near future.

Based on Coingabbar Price Analysis, LTC holds a market capitalization of approximately $6,690,728,205, accompanied by a 24-hour trading volume of nearly $1,202,200,5611.

KEY LEVELS :

RESISTANCE LEVEL : $95-$99

SUPPORT LEVEL : $88-$84

Can LTC avoid the historical halving crash, and could Litecoin be entering a phase of recovery? We'd love to hear your thoughts and opinions on these topics. Please feel free to share your views in the comment box below.

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

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