Litecoin (LTC) To Test $76 Levels Again, Is This A Buy Signal?

The entire crypto market has traded sideways for a few days with some coins seeing little or no growth. Bitcoin, the largest cryptocurrency by market cap is not exempted from the market’s losses. The token has fallen below the $10k once again and is dragging altcoins down with it. BTC is currently trading at $9,747.66 at press time. It also has a market cap of $173,848,175,362 and a dominance of 64.9%.

In the top ten list of cryptocurrencies, Litecoin struggles to cross the $100 level psychological level. The coin is the fourth-largest cryptocurrency by market cap according to Coin Market cap.

Litecoin (LTC) Price Today – LTC / USD

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Litecoin Lost 6% of its Value in 24 hours

Litecoin price has been bearish for the past 24 hours. The coin has lost more than 5% of its value for three days in a row. The price of Litecoin has shown 4 major price swings recently. Still, the medium-term price outlook for LTC is still bullish and this means a dip in price could be a buy signal. LTC is still expected to reach $200 by the year’s end especially with the upcoming Litecoin halving event.

LTC price dropped below the $90 level and retested an intraday low of $86.74 earlier in the day. Fortunately, the coin rose above the $90 level again, but it is still trading at 6% loss for three days on a day-to-day basis.

Litecoin May Retest the $76 Level

Going by the intraday charts, the LTC/USD pair is supported by the $88 level. However, this cannot hold the bears at bay for too long. After this, the next support is formed by the recent low of $86.70. if it touches this $86 level, then the downside will likely gain traction to push towards the $80 psychological level. The next support level which is the lowest the coin has touched since July 16 is $76.46 with SMA 20. Any further push below will extend the sell-off towards 61.8% Fib retracement level at $70.

For the coin to turn bullish and see some upward movement, its move has to be sustainable and surpass $93.50. From here, it can begin to gain traction. This resistance of $93.50 is created by a confluence of the SMA 200 and SMA50 on the 1hour chart. When it has been cleared, the recovery can be extended towards the $100 resistance level. If it crosses that level, the next resistance is $102.80 and $105 which was the recovery high reached by the coin on July 20. Another tough barrier is created by $117.5.

Will Litecoin Halving Kickstart AltSeason?

Litecoin halving is a few weeks ahead and investors worry about the failure of LTC to maintain a bull rally before the time.

It is a common concept that crypto halving of block rewards causes price surge. This is because it means miners will earn fewer coins while the coin supply decreases. If the number of buyers remain the same, then the price will surge as expected.

However, Charlie Lee, LTC founder and most of the media believe that Litecoin price is expected to drop steeply after the halving event since miners may not make much profit from it and mining rigs are expensive to maintain.

There is no way to tell if the price of Litecoin will rise after the halving, but it could see some increase in value.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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