The post Litecoin Halving is a Month Away; Will LTC Price Regain Bullish Momentum? appeared first on Coinpedia Fintech News

The fresh FOMC MoM which was released recently, has compressed the crypto space as the majority of the tokens including Bitcoin, have been trading within a very narrow range. Alongside, Litecoin, which has registered a couple of bullish weekly closes, has flipped and tested the resistance-turned-to-support levels which appear pretty decisive at the moment. 

The LTC price has caught fire due to the hype circulating around the ‘Halving Event’. Now that the event is just a month away, the Bears have capitulated on the rally. The price attempted for a bullish breakout beyond the $115 resistance but faced rejections a couple of times a $113. Presently, the price is following a notable descending trend as it plunged below $105 and may also test the levels below $100 soon.

Despite the sluggish market behavior and a choppy price, the LTC millionaire address continues to accumulate. As per the data from a popular on-chain platform, Santiment, the addresses holding more than 10K LTC coins are slowly increasing their holdings.  

With the rise in the accumulation, the platform speculates another fresh rally could be fast approaching.

“ Litecoin’s millionaire addresses are accumulating are continuing to increase in number, as the halving is within a month away now. Prices corrected over the 4th of July break, but don’t be surprised if another LTC rally happens with all of this whale accumulation”

However, in the short term, the LTC price is breaking above the falling wedge which is flashing bullish signals for the crypto. The price has triggered a massive bullish hourly candle that may break the prevailing bearish influence over the crypto. Therefore, a fine upswing is believed to rise the Litecoin price above $108 resistance initially, followed by a strong retest of $110 levels. 

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Filed under: Bitcoin - @ July 6, 2023 7:12 am