The Litecoin halving event is only a few days away as the rudimentary Elliott Wave analysis indicates that the coin has ended the second wave of its bull run. With Litecoin’s halving event we can expect prices to surge. However, despite the impending bullish catalyst hanging on the horizon, the fourth largest digital asset by market capitalization appears to be fighting to keep up with Bitcoin via the hourly chart.
Litecoin (LTC) Price Today – LTC / USD
LTC Price Recorded Four Consecutive Red Candles via the Monthly Chart
Litecoin price has recorded at least four consecutive red candles against BTC via the monthly chart. The slump in price against the leading asset class saw the value of Litecoin drop from its 2019 high point 1,893,900 Satoshis as of April to about 797,600 Satoshison July 28. That’s a price drop of no less than 57% in only three months.
The good news that we can pick from the coin’s market action is that the end of LTC’s correction might be at hand as the halving event draws nearer. Litecoin price is reportedly printing multiple bullish signs against the number one crypto by market cap. If the forecast pans out correctly, the LTC/BTC market is likely going to skyrocket by at least 60% in the coming few months as LTC markets end its second bullish wave.
Elliott Wave Forecast Shows That Litecoin Might Have Ended the Second Wave of Its Bull Run
While every crypto-centric and proponent of LTC were busy predicting what the next move of the price of Bitcoin will be, Litecoin price had already made a series of moves. This is showing that the price correction has finally approached its endpoint. A rudimentary Elliott Wave study of the daily chart indicates that the LTC market completed the wave one of its bull runs when it climbed up to as high as 1,893,900 Satoshis back on April 3 2019.
The digital asset eventually entered wave two of its bull run and went on to paint a corrective A-B-C wave. The corrective A-B-C wave is designed to drive the price of Litecoin down by about 60%. The downward spiral that the price of Litecoin had to endure which took it to 797,600 Satoshis as of July 16 definitely meets this requirement.
Litecoin Wave Count Indicates that the Coin’s Price May be Set to Surge
If the wave counts predicted are accurate, it will mean that the number four crypto by market cap appears like its ready to blast off to a new bull run. Wave three should be the longest wave up of the three. In other words, the price of Litecoin could surpass the high it recorded in 2019 when it reached 1,893,900 Satoshis. However, even if you opt to analyze Litecoin’s chart following a classical perspective, you will come up with a similar conclusion. Which is the price of the crypto is done with retracing.
Analysts believe in this view because the bulls were capable of preserving the support of 870,000 Satoshis. Off course this is a solid move for the bulls because the bears had successfully breached the past level on July 15. Now, buyers have quickly stepped into play and lifted LTC markets back above the support position of 870,000 Satoshis as of July 17.