Litecoin price to squeeze one last rally to $115 before LTC halving event
- Litecoin price has been consistently underperforming despite the upcoming halving event.
- But investors can expect one last rally that tags the $115 hurdle before the third halving event kickstarts.
- A decisive flip of the $73 support level could trigger a further 21% crash to $57.78.
Litecoin price has been wandering aimlessly around a critical level. Unable to successfully flip it or break down below it, LTC has been a boring coin to trade for investors. But with the third halving event happening in roughly three months, volatility could start to heat up.
Read more about Litecoin’s third halving event: Litecoin could display strong performance ahead of its next halving event
Litecoin price remains calm
Litecoin price has had trouble flipping the $95.75 hurdle since January 29. After multiple failed attempts to overcome this blockade, LTC crashed 38% from a local top at $105. A quick V-shaped recovery from $64.98 saw the altcoin undo these losses almost completely and set up another local top at $103.63.
The recent attempt also failed, which knocked Litecoin price down by 18% to graze the $77.68 to $84.24 demand zone. Going forward, if LTC digs deeper into this zone, it will provide sidelined buyers a chance to accumulate the altcoin at a discount.
If enough interested investors step in, it could trigger a Litecoin price rally that successfully flips the $95.75 hurdle and tags the $115.23 barrier. This move would constitute a 37% gain for investors.
In a highly bullish case, Litecoin price could scale higher and retest the $131.79 hurdle.
LTC/USDT 1-day chart
While the bullish outlook for Litecoin price makes logical sense, it is contingent on the recovery above $95.75. If buyers fail to step in after a retest of the $77.68 to $84.24 demand zone, it will signal weakness.
Such a development could see Litecoin price sink lower and retest the $73.40 support floor. A decisive flip of this barrier will invalidate the bullish thesis for LTC and potentially trigger a 21% nosedive to $57.78.
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.
