Litecoin (LTC) price USD is currently consolidating below a major resistance level. The next few weeks are very critical for LTC price as another rejection from this level may result in a major correction. The Bitcoin price action in the coming days will affect Litecoin as well.
After briefly breaking above $30,400 on Tuesday, the BTC price is trading at $29,985 on Wednesday. This correction has led to a sell-off in altcoins. Consequently, the LTC price is trading at 91.77% after losing 2.53% during today’s trading session.
According to the most recent Litecoin news, its blockchain is set to experience a halving in August 2023. The network halving will result in reducing the current mining rewards by half. This would mean a reduction of 6.25 LTC per block and hence a decreased selling pressure on the price.
Therefore, due to the upcoming halving, Litecoin price is expected to perform well in the coming months. However, the broader market sentiment and BTC price action will also have an influence on the price. LTC is currently the 13th most valuable cryptocurrency, with a market capitalization of $7.7 billion.
The LTC price chart shows a consolidation below the key resistance level of $98. This level has resulted in multiple rejections and also signifies a lower high on the daily chart. The bulls need a lot of momentum to break this level which appears to be missing at the moment.
A breakout above $98 will mean a break above the daily swing high, which will make Litecoin price prediction very bullish. This may send the price to the $134 level, which is the next major resistance on the daily chart. On the other hand, a rejection from the $98 level can potentially send the price to retest the 200-day moving average, which lies at $76.1.
I’ll keep posting my updated Litecoin analysis in my free Telegram group, which you are welcome to join.
This post was last modified on Apr 12, 2023, 10:09 BST 10:09