Litecoin (LTC) is at the moment present process a vital part as its market retests a major assist/resistance stage of round $90 on the each day timeframe. With the 50 and 200 each day Shifting Averages serving as sturdy assist, many consultants consider that Litecoin’s value motion signifies additional potential upside, particularly with the approaching third halving occasion in lower than three weeks.
Nonetheless, the market additionally faces appreciable bearish stress because of the ongoing weekly dying cross between the 50 and 200 MAs, elevating issues of a possible decline in the direction of final yr’s lows of roughly $40 if bullish momentum wanes.
A Robust Bullish Outlook
Famend cryptocurrency analyst Captain Faibik stays optimistic about Litecoin’s future prospects. In a latest Litecoin value evaluation, Faibik highlighted the opportunity of a bullish outlook for the third largest Proof-of-Work (PoW) secured community within the coming weeks. Faibik’s value goal for Litecoin throughout the halving quarter interval is $120, implying additional potential for value appreciation.
Nonetheless, Faibik cautions that realizing this bullish state of affairs will closely depend on how Litecoin’s value motion behaves in regards to the essential assist/resistance stage round $90.
Learn Extra: Litecoin Value Prediction: Peter Brandt Predicts 700% Surge For LTC Value
However Wait… Not All the things’s Excellent!
Veteran crypto analyst, Benjamin Cowen, holds a dissenting view on Litecoin’s future trajectory. Cowen means that LTC would possibly expertise a cooling part following the upcoming halving occasion in August. Drawing from historic proof of the 2 earlier halvings, Cowen notes that Litecoin’s value has declined on each events, hinting at the opportunity of the same sample unfolding within the coming months.
Uncertainty Prevails
As Litecoin’s group eagerly anticipates the third halving occasion, the conflicting predictions from consultants spotlight the inherent uncertainty in cryptocurrency markets. Whereas Captain Faibik’s optimism factors in the direction of potential positive aspects and a breach of the $120 mark, Benjamin Cowen’s cautionary stance warns of a possible post-halving dip.
Associated: Litecoin Halving Occasion Sparks Frenzy: Right here’s What Traders Can Count on
Merchants and traders are preserving an in depth eye on Litecoin’s value motion within the coming weeks. Their aim is to evaluate which route LTC will take and whether or not it could possibly overcome the bearish pressures to succeed in new heights or expertise a cooling part, as noticed in earlier halvings.
With the cryptocurrency market’s unpredictable nature, the end result stays unsure. In the meantime, inform us what you assume.
