Litecoin Halving Rally Appears to be Paused While Bitcoin Halving Rally is Yet to Begin
The post Litecoin Halving Rally Appears to be Paused While Bitcoin Halving Rally is Yet to Begin appeared first on Coinpedia Fintech News
After a significant rise, the bulls appear to have relaxed a bit as the prices of the majority of the tokens have been facing extreme consolidation. The star crypto, Bitcoin, witnessed a significant upswing and rose above $31,000. Besides, the Lite version of Bitcoin, Litecoin, displayed an iconic rally in the past few days and is presently struggling to rise above the $113 resistance zone.
Both the proof-of-work blockchains will be undergoing a halving event in the few months ahead, hence the fresh pullback in LTC prices. On the other hand, BTC prices are also facing a fresh plunge. It may appear both could be facing a halt in the pre-halving rise, but both tokens are in the middle of a breakout trend.
The LTC & BTC prices have recently undergone a breakout, no matter that they could not reach the interim highs. If they had marked the larger targets and dropped them, it would have appeared as a fake breakout. But the prices are hovering around the resistance, and hence a retracement and failure to achieve their crucial post-breakout retests could be imminent.
Therefore, it can be said that both are in the middle of a breakout trend. So what’s next?
The Litecoin price appears to have reached the upper resistance of the multi-year downtrend line. As a result, a popular analyst, Rekt Capital, predicts that a deep retracement will be followed by a 70% drop.
$LTC Pre-Halving Rally update#LTC has reached Multi-Year Downtrend (orange)
But LTC has overextended past the Downtrend in previous tops (yellow circle)
Soon final overextension before Pre-Halving top occurs in next weeks?
Followed by deep retrace (~70%)#Crypto #Litecoin https://t.co/XUz1Woukog pic.twitter.com/id5RnjOMb3
— Rekt Capital (@rektcapital) July 4, 2023
Besides, the Bitcoin(BTC) price has dropped below $31,000, again offering the chance for traders to accumulate more. The price is at the apex of the bullish consolidation and hence is closer to a massive explosion, which may lift the levels beyond the yearly highs.
Filed under: Bitcoin - @ July 4, 2023 5:51 pm