Litecoin price gives LTC bulls a chance to accumulate before a return to triple-digit levels

Litecoin price (LTC) appears to have decoupled from Bitcoin (BTC) and the general slump in the broader market. The move comes as LTC tries to solidify the uptrend currently being mapped ahead of the August 3 halving, which will drop its block reward from 12.5 to 6.25.

Like the case for the king crypto, the halving is expected to restructure the overall reduction in LTC supply, ultimately facilitating value growth for Litecoin price.

Also Read: Litecoin could display strong performance ahead of its next halving event

Litecoin price readies for a massive breakout. Should you buy LTC at this level?

Litecoin price started a recovery on March 12 after a drop-down below the $73.40 resistance level (now support). The trend reversal came as news of the halving began making headlines, causing LTC holders to set their timers for the event. Accordingly, investor interest in the token began, inspiring a new wave of accumulators to hold the token, hoping to make a profit as the countdown continues.

At the time of writing, LTC is auctioning at $87.23, up almost 1% in the last 24 hours. The altcoin appears ready for a breakout that could deliver LTC to the triple digits zone. In the days leading to the third halving, increased investor excitement around the payment token could cause a surge in Litecoin price.

An increase in buyer momentum could deliver an uptrend for Litecoin price. This would be as sidelined investors hop in at the buyer congestion levels indicated by the 200-, 100, and 50-day Exponential Moving Averages (EMA). Such a move could catapult LTC above the psychological $100, marking its entrance into the triple-digit territory before tagging the $102.68 resistance level.

In highly bullish cases, Litecoin price could hit 121.00 before the August halving, denoting a 40% increase from the current levels.

LTC/USDT 1-day chart

Litecoin price recorded massive movements in the past three cycles leading to the halving. LTC rallied 440% before the 2015 halving and 375% in the months leading to the 2019 halving, moving from $30 to $143. In 2021, the altcoin also rallied toward the halving event.

LTC/USD 1-day chart for 2015, LTC/USD 1-day chart for 2019, LTC/USD 1-day chart for 2021

If history repeats in the 2023 halving cycle, Litecoin price could significantly increase in market value over the next few months.

The bullish outlook also draws support from the recent move by LTC to decouple from BTC, displaying a positive outlook while the flagship crypto appears southbound.

LTC/USDT 1-day chart, BTC/USDT 1-day chart

This is commendable, given the uproar by United States regulators as they display their disagreement on the status of crypto assets. With Bitcoin proclaimed a non-security by the US Securities and Exchange Commission (SEC), the Commodities Futures Trading Commission (CFTC) once stamped Litecoin as a commodity, diluting the mood among LTC holders.

Conversely, if selling pressure increases, Litecoin price could drop below the $73.40 support level or, in the dire case, extend a leg down to the 55.23 support level. This move, denoting a 40% downswing, would threaten the current bullish outlook.