Technical Evaluation Says LTC May Attain $109 Earlier than Halving

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  • Analyst CryptoFaibik famous on Twitter at this time that the falling wedge sample on LTC’s hourly chart remains to be persevering with 23 days earlier than the halving.
  • On the time of writing, LTC was value $93.32 after a drop of greater than 3%.
  • Along with the falling wedge on the hourly chart, there was a optimistic trendline on LTC’s each day chart.

Cryptocurrency analyst CryptoFaibik shared on Twitter at this time that the falling wedge sample nonetheless seems to be persevering with on Litecoin’s (LTC) Low Time Body (LTF) chart. This might lead to a big bullish transfer if the sample is validated. Analysts additionally identified that LTC’s half-life is simply 23 days away.

Regardless of the approaching halving, CoinMarketCap has proven that the worth of LTC has fallen greater than 3% within the final 24 hours of buying and selling. This left the altcoin buying and selling at $93.32 on the time of this writing. In consequence, LTC was buying and selling simply above the day’s low of $93.20.

LTC’s 24-hour loss additionally in the end pushed the weekly efficiency even additional to -16.70%. Moreover, the cryptocurrency’s 24-hour buying and selling quantity has skilled a greater than 40% rise over the previous day, to round $572,566,523.

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Its market cap is $6,842,802,882, that means LTC ranked because the eleventh largest cryptocurrency when it comes to market cap. This was after Tron (TRX) surpassed LTC because the tenth cryptocurrency with a market cap of $6,907,189,252.

Day by day chart of LTC/USDT (Supply: TradingView)

After LTC hit two lows up to now few weeks, a optimistic trendline appeared on the each day LTC chart. The primary low was recorded on June 20, 2023 when LTC set a low of $75.73. LTC then set a fair increased low of $82.94 on June 29, 2023.

If the worth of LTC closes above the $92.37 assist degree at this time and tomorrow’s each day candlesticks, additional lows are doubtless. On this case, LTC value may problem the $100 resistance degree throughout the subsequent 48 hours.

A break above $100 will pave the best way for the LTC value to rise to the subsequent resistance degree of $109.25 subsequent week. Nevertheless, this bullish concept might be invalidated if the cryptocurrency value closes with a each day candlestick under his aforementioned $92.37 assist degree within the subsequent 48 hours. On this state of affairs, LTC may fall to $85.

Disclaimer: As with all data shared on this pricing evaluation, views and opinions are shared in good religion. Readers ought to do their very own analysis and due diligence. Readers are strictly chargeable for their very own actions. COIN EDITION AND ITS AFFILIATES SHALL NOT BE LIABLE FOR ANY DIRECT OR INDIRECT DAMAGES OR LOSSES.

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