Litecoin price and LTC holders stuck in dilemma as third halving nears
- Litecoin price is stuck between two critical barriers that has trapped its volatility and kept it low.
- A recovery above $95.75 will be key if bulls want LTC to head northbound.
- A daily candlestick close below $73.40 will invalidate the bullish thesis.
Litecoin price shows a clear sign that it has no directional bias whatsoever. Investors need to be patient for a signal before they can hop on any LTC trades.
Also read: Litecoin could display strong performance ahead of its next halving event
Litecoin price in a tough spot
Litecoin price fell below $95.75 after failing to flip it multiple times between February 1 and April 18. This lack of momentum to the upside causes LTC to nearly 18% and slice through the $87.20 support floor, where the altcoin currently trades.
With the third halving on August 5, Litecoin’s block rewards are going to come down from 25 to 12.5. The anticipation of this event has already propelled LTC higher and is likely going to continue to do the same.
With this thesis in mind, investors need to pay close attention to the $95.75 hurdle. A flip of this resistance level could trigger a rally in Litecoin price to retest these key barriers - $115.25 and $131.79.
LTC/USDT 1-day chart
While the bullish outlook is based on “ifs,” investors need to pay close attention to Bticoin price and its next move. If BTC collapses, it will prompt Litecoin price to do the same. In such a case, a daily candlestick close below $73.40 will invalidate the bullish thesis.
Such development could further trigger a 21% descent in Litecoin price to tag the $57.78 support floor.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
