Source: Paul Biryukov – Shutterstock
- Litecoin (LTC) defies the broader market consolidation rallying by more than 12% and shooting past $90.
- Analysts are expecting that the LTC price can rally up to $130-$150 ahead of its halving this year in August 2023.
While Bitcoin (BTC) and the broader crypto market have taken a pause from last week’s market rally, there’s one altcoin that’s showing massive strength. Over the last 24 hours, Litecoin (LTC) has shot up by 15% shooting past the $90 level.
As of press time, Litecoin (LTC) is trading at $91.45 with a market cap of $6.63 billion. Since the beginning of 2023, Litecoin has been on investors’ radars and touched its 2023 high of $102 in February 2023. However, the altcoin corrected more than 30% from its high but reverse the trajectory once again moving upwards from mid-March.
One major catalyst to the Litecoin price rally could be the upcoming halving event scheduled ahead this year around August 2023. The halving events usually reduce the supply of the cryptocurrency under circulation thereby driving its price higher.
$LTC is showing strength meanwhile most of the market struggles on this market-wide dip
Important not to forget about the #LTC Halving this coming August 2023#BTC #Crypto #LITECOIN https://t.co/otWMSUAYV9
— Rekt Capital (@rektcapital) March 22, 2023
However, let’s look at the historical performance of Litecoin (LTC) in and around its halving period. In one of his previous posts, Rekt Capital explained that LTC has a strong tendency of rallying prior to its halving. The crypto analyst wrote:
- Prior to Halving 1, #LTC bottomed 122 days and rallied +820%.
- Prior to Halving 2, LTC bottomed 243 days and rallied +550%.
Similarly, the analyst explains that the Litecoin price rallies even stronger after the halving periods. In fact, it tends to rally more post-halving instead of pre-halving. He wrote:
- After Halving 1, #LTC rallied +14200%.
- After Halving 2, LTC rallied +1574%.
Will Litecoin Rally Further?
From the above data, Rekt Capital concludes that the pre-halving rally has been lengthening with time. “If this upcoming #LTC Pre-Halving rally lasts twice as long as the previous PH rally, then this rally will last ~365 days Which finds confluence with a May 2023 top,” he writes.
Note that the past performances are only for reference to make an informed guess. However, they never guarantee future returns and thus shall be seen accordingly.
Some market analysts have been suggesting that the Litecoin (LTC) price could rally anywhere between $130-$150 ahead of its halving this year. For now, the immediate resistance for Litecoin would be 2023 high of $102. If it breaks this successfully with strong volumes, we can see new highs before halving.
Today’s price action explains that Litecoin (LTC) is seeing significant price growth even when the broader market has stabilized. Furthermore, it’s also decoupling from Bitcoin’s price momentum and a strong bullish trend suggests that investors are confident in the future prospects.
Litecoin has always been the silver to Bitcoin’s gold and the blockchain is well-known for making payments faster. Furthermore, Litecoin’s social plus market activity has touched a new high.
Based on relative combined social + market activity, #Litecoin has hit an AltRank™ of 1 out of the top 4,334 coins across the market.
24-hour activity:
Price +8.472%
Social volume 4,467
Social engagements 29,819,175Insights: https://t.co/NjCGlygBu2 $ltc pic.twitter.com/34imlJUuVq
No spam, no lies, only insights. You can unsubscribe at any time.
— LunarCrush (@LunarCrush) March 23, 2023
Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Credit: Source link
