- Many people expect LTC’s price to soar before its halving, but bulls have not stepped in yet.
- If LTC conquers its next resistance at $85.45, it could climb to $100 soon.
- At press time, LTC was trading at $83.98 after it saw a more than 9% gain in the past 24 hours.
With Litecoin’s (LTC) third halving coming up in August this year, many people expect the price of the altcoin to soar in anticipation of the event. The altcoin’s price performance has been relatively lackluster over the past few weeks. However, the much-anticipated gains leading up to the halving may soon take place.
As the scheduled halving event approaches, investors and traders are becoming increasingly interested in its potential impact on LTC’s price. Investors had high expectations for the altcoin leading up to its third halving event, anticipating a similar price rise as seen in previous halvings.
However, contrary to bullish projections, the anticipated price rally did not materialize. With approximately six weeks remaining before the next halving, it is crucial for investors to closely monitor LTC’s price action, as it may provide indications of a potential upcoming rally.
CoinMarketCap indicated that things were going better for the altcoin over the past 24 hours of trading as it saw a price increase of more than 9% during this time. As a result, LTC was trading hands at $83.98 at press time. This meant that it was trading very close to its daily high of $84.64.
The crypto’s price increase also pushed its weekly performance back into the green zone at +8.55%. Since reaching its all-time high (ATH) in May of 2021, LTC’s price has slipped by more than 75%.
From a technical perspective, there is still a chance that the price of LTC could rally before its halving in August. On LTC’s daily chart, the altcoin’s price was able to break above the $82.81 hurdle, which could start triggering some FOMO among investors.
LTC Perpetual Futures Contracts 1D (Source: TradingView)
Next, LTC will face the $85.45 resistance level. Climbing above this level could propel the price of the altcoin to the $100 psychological level. On the other hand, if the price of LTC experiences a breakdown below $76.15 on the daily timeframe, it would invalidate the bullish thesis and potentially initiate a significant correction to retest $65.10.
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