Litecoin Bulls Set to Roar: Anticipated 13% Rally Looms as Key Resistance Level Beckons

•  There is a potential for Litecoin to rise toward $120 before the halving event. 

•  Litecoin has witnessed a substantial surge of more than 20%. 

Over the past few weeks, Litecoin has had a constant upward trajectory, signaling a positive market attitude. Litecoin has effectively maintained its upward trajectory in recent trading sessions, keeping pace with the market’s upward momentum. Other altcoins have increased as Bitcoin’s price has risen to over $31,000.

Although there have been no significant fluctuations in Litecoin’s price in the past 24 hours, the cryptocurrency has continued to follow a positive path. Litecoin has witnessed a substantial surge of more than 20%. This impressive rebound commenced in June when Litecoin surpassed the $70 price threshold, resulting in a subsequent increase of over 50% in the coin’s value.

Crypto Analysts’ Positive Litecoin Prediction Ahead of Halving

Popular crypto analyst Benjamin Cowen shared his Litecoin halving price projection on Twitter via @IntoTheCryptoVerse. He included a price chart in his tweet and provided the following caption, “LTC has historically topped out in June/July of its halving year.” The occurrence of Litecoin halvings follows a pattern of 4-year cycles. 

Note that #LTC has historically topped out in June/July of its halving year. Note that the halving is projected to be in August (just like the prior cycles). pic.twitter.com/cl4GgF2nBb

— Benjamin Cowen (@intocryptoverse) July 4, 2023

Based on the chart provided, Benjamin Cowen presented an optimistic forecast by highlighting the instances where the price of LTC reached its highest points before two previous halving cycles in 2015 and 2019.

Another notable crypto analyst, Rekt Capital, also expressed an optimistic prediction for Litecoin as the halving event draws near. On June 4, he tweeted, “LTC tends to reach its peak a few weeks before the Halving.”

Litecoin (LTC) Halving Countdown: Source Rekt Capital Twitter

However, after the halving, he provides a cautious note, mentioning that Litecoin tends to experience significant retracements following the event. Therefore, based on the information above, these analysts seem to be adopting a strategy of buying LTC and selling as the halving event approaches.

Additionally, according to a tweet from IntoTheBlock, a provider of on-chain data, intriguing information has surfaced regarding Litecoin (LTC), often called the “digital silver.” As the halving event approaches, it has been discovered that certain Litecoin wallets have been holding approximately 13% of the circulating LTC supply without any movement for five years.

According to analysts at IntoTheBlock, there are two possible explanations for this phenomenon: either the holders of these Litecoin wallets have unwavering confidence in the cryptocurrency, or these coins may have been lost. Additionally, according to the chart provided by IntoTheBlock, their reserves increased by 270,000 coins from June 1 to July 4.

Potential Price Projection for Litecoin’s Halving

Leading up to the halving event on August 5, 2015, the price of LTC peaked at $7.54 on July 10 but gradually declined to $4.40 on the day of the halving. A similar pattern was observed during the 2019 cycle, where the price of LTC peaked at $142 on June 23 before dropping to $93 on the halving date of August 5. This downward trend persisted for a few months until Litecoin experienced another rally in January 2020.

If history repeats itself, there is a potential for LTC to rise toward $120 before the halving event. However, the strong resistance at $110 presents a significant challenge. The chart below indicates that 200,000 investors purchased 2.09 million LTC coins at an average price of $109.56.

Recently, there has been a notable surge in Litecoin’s hashrate. Similar to previous instances leading up to the upcoming halving, Litecoin experienced a significant rise in active LTC wallets in May. Additionally, there has been a rapid increase in LTC addresses holding 0.001 LTC.

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.