Technicals Counsel LTC Might Attain $109 Earlier than Its Halving

• Analyst CryptoFaibik identified on Twitter immediately {that a} falling wedge sample on LTC’s 1-hour chart continues to be in play 23 days earlier than the halving.
• At press time, LTC was value $93.32 after a greater than 3% worth lower.
• Along with the falling wedge on the one-hour chart, a optimistic development line was current on LTC’s day by day chart.

The crypto analyst CryptoFaibik shared on Twitter earlier immediately that, on the low timeframe (LTF) chart for Litecoin (LTC), a falling wedge sample appeared to nonetheless be in play. This will lead to a big bullish transfer if the sample is validated. Moreover, the analyst identified that the LTC halving occasion is just 23 days away.

Regardless of the approaching halving, CoinMarketCap indicated that LTC’s worth noticed a greater than 3% lower over the previous 24 hours of buying and selling. This left the altcoin buying and selling arms at $93.32 at press time. Consequently, LTC was buying and selling simply above its day by day low of $93.20.

LTC’s 24-hour loss additionally ended up pushing its weekly efficiency even additional into the pink to -16.70%. As well as, the crypto’s 24-hour buying and selling quantity stood at round $572,566,523 after it skilled a greater than 40% rise all through the previous day.

Its market cap of $6,842,802,882 meant that LTC was ranked because the eleventh largest cryptocurrency by way of market capitalization. This got here after Tron (TRX) surpassed LTC because the tenth largest crypto with its market cap of $6,907,189,252.

A optimistic development line was current on LTC’s day by day chart after the crypto printed two increased lows over the previous few weeks. The primary low was posted on 20 June 2023 when LTC set a low of $75.73. Thereafter, LTC established the next low at $82.94 on 29 June 2023.

Ought to LTC’s worth shut immediately and tomorrow’s day by day candles above the help stage at $92.37, then it might lead to one other increased low being recorded. If so, LTC’s worth could look to problem the resistance stage at $100 within the subsequent 48 hours.

A break above $100 will clear a path for LTC’s worth to rise to the following resistance stage at $109.25 within the following week. This bullish thesis can be invalidated, nevertheless, if the crypto’s worth closes a day by day candle under the aforementioned $92.37 help stage over the following 48 hours. On this state of affairs, LTC could drop to $85.

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