Litecoin price shoots up 14% ahead of the third halving

Litecoin price has shot up in an explosive rally on the last trading day of second quarter. This massive run-up brings LTC close to retesting the $100 psychological level. As mentioned in the previous publication, there are only a handful of times where the altcoin has tagged this critical level in the last year or so. But the recent uptick in bullish momentum could be key in pushing the altcoin higher. 

Also Read:  Bitcoin sustains above $30,000 even as Biden calls to eliminate crypto tax loopholes

Litecoin price correcting the June 28 losses

Litecoin (LTC) price remains bullish despite a volatile price action. This is evidenced by LTC consolidating along an uptrend line, which has acted as support since November 2022. The current optimism comes as the altcoin enjoys the same status as Bitcoin (BTC) and Bitcoin Cash (BCH) in the eyes of the US Securities and Exchange Commission (SEC). Notably, Litecoin is among the four cryptocurrencies marked for EDX Markets under the stewardship of Wall Street giants like Fidelity Digital Assets, Charles Schwab, and Citadel Securities, who have backed the new crypto exchange, as reported.

Institutional investors now trade BTC, Ethereum (ETH), BCH, and LTC on the EDX Market. Sei Labs co-founder and Chief Economist at BTCM, Jeff Feng, attributed this selection to the SEC perceiving the four cryptos as commodities in an interview with Decrypt.

This means they are immune to potential legal challenges.

To confirm the bullish outlook in the LTC market, Litecoin price must break above the $86.50 resistance level. Flipping it back into support would see the BTC fork restore above the uptrend line, increasing the odds for a continued uptrend.

Such a move could see Litecoin price extend north, potentially tagging the $100.00 target, or in a highly bullish case, reclaim the mid-February and April 18 highs around $103.07.

Several indicators bolster this optimism, starting with the Awesome Oscillators (AO) moving above the midline. The positivity of this market momentum indicator means bullish forces are currently driving the market.

Further, the Relative Strength Index (RSI) was tipping north, suggesting rising momentum. If bulls maintain this accumulation interest, the Litecoin price could confirm the northbound move.

LTC/USDT 1-Day Chart

Conversely, LTC could invalidate today’s gains and continue south if Litecoin price is rejected by the $86.50 resistance level. The ensuing selling pressure could see the altcoin drop further from the uptrend line, potentially revisiting the $76.15 support level before an attempted pullback.

Nevertheless, a strong break below the level as mentioned above would invalidate the bullish outlook.