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Litecoin LTC price forms promising technicals as Bitcoin halving approaches

Litecoin LTC price forms promising technicals as Bitcoin halving approaches

Over the last seven days, the Litecoin LTC price has varied from a low of about $45, and briefly managing to cross the $50 mark on the 3rd of May. However, the price lacked the momentum required to push through resistance. Since then the LTC price has been unable to find its footing, steadily decreasing to its seven day low seen earlier today. At the time of writing, the Litecoin price, along with most of the market, is reporting mild gains of 1.06 percent, bringing its trading value to $47.76.

Litecoin LTC price forms promising technicals as Bitcoin halving approaches 1

Litecoin LTC price technicals are encouraging

Trading Alchemist has taken a look at Litecoin’s performance, and, as per the analysis, Litecoin had formed a promising downward triangle with a border set at $45.5. If looking to enter, the analyst recommends an entry point from the resistance line. Ideally, it would be better to wait for the price to rise, but the analyst admits to being unsure if that will happen. 

Litecoin LTC price forms promising technicals as Bitcoin halving approaches 2

Litecoin LTC price chart by Trading View 

Ceo Codes, however, has presented a more bullish scenario. As the trader states, so long as the bulls keep the Litecoin LTC price trading above $44.80, it’s likely we’ll start seeing some growth in the price, and it appears as if he is correct. The reason for this, as the trader states, is because the overall market sentiment regarding Litecoin remains bullish. As for the medium term, resistance levels have been set at $70, $80, and $90, while support levels are set at $20, $10, and $5. 

Litecoin LTC price forms promising technicals as Bitcoin halving approaches 3

Litecoin LTC price chart by Trading View

Since March, Bitcoin has rallied over 150%. This is likely a response to the coin’s upcoming halving event, which is just five days away. As the market’s anticipation builds, Mohit Sorout, a founding partner at crypto hedge fund Bitazu Capital suggested that Bitcoin is just warming up. Others, however, are less convinced.

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page. 

Richard Allen

Richard Allen

Richard specializes in writing about cryptocurrencies globally, as well as other financial and economic articles, covering various geographical locations and markets. He leverages his experience in financial issues management to advise clients on the relevance of media coverage in relevant markets. He holds a BCom degree in marketing.

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