Litecoin Price Headed for A Fresh Rally to $110 As Halving Draws Closer

Litecoin price has struggled to cross the $100 psychological level for a while now. The charts for the day show that the coin is making a fresh rally to the $110 area. In the past 24 hours, Litecoin price formed a solid support point near the $86.00 level before it started climbing higher against the USD. The digital asset seems to be entering the bullish territory if the current market action stays in play for the coming sessions.

The price of LTC is now trading with positive bias against the USD and BTC. The coin’s price is predicted to correct lower for its near term outlook. However, the past dips still remain well supported. How did we come by this analysis?

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$61.77-0.73%

The Price of Litecoin Broke the $88.00 and $90 Positions

For this week’s LTC price action via the 4 hour chart, the price of Litecoin extended its decline under the $86.00 and $85.00 support positions against the USD. However, LTC’s decline was actually limited and the pair found support around the $83.50 position. A fresh swing low formed at $83.48. After which the coin’s price climbed higher. The price of LTC later broke resistance at $88.00 and $90.00 to move into the bullish zone. There was also a close above $92.00 and the 55 SMA via the 4-hour chart of the LTC/USD pair.

More importantly, the LTC/USD pair recorded a break above the crucial bearish pattern with a resistance area near the $91.50 level via the 4-hour chart of highlighting trading for the LTC/USD pair. Finally, LTC price broke the $95.00 point which is a resistance area. Before it went on to trade close to $100.00.

We can see that a swing high was formed at $99.84 point and the coin’s price is currently correcting under. It is testing $95.00 plus the 23.6% Fibonacci retracement area via the upward move starting from $83.48 to $99.84.

$92.00 and $91.50 will likely be Strong Supports

Looking at the downside, we will see that there are many support areas close to the $92.00, $91.50 and $91.00 positions. Additionally, the 50% Fibonacci retracement position via the upward move from $83.48 to $99.84 is near the $91.60 area to act as support. The 55 SMA via 4-hour chart of the trading pair is near the $91.50 position. Therefore, both the $92.00 and $91.50 positions will likely act as strong support levels in the near term.

Looking at the upside, we will see an immediate resistance close to the $98.50 and $100.00 positions. In the event that there is an upward break above the $100.00 price area. The price of Litecoin is likely going to accelerate higher near the $106.50 and $110.00 areas in coming trade sessions. As we approach the Litecoin halving event, we look forward to how the event will push the coin’s price to the moon.

The LTC halving event, which is scheduled to go live when the Blockchain network gets to block 1,680,000, will likely cause the price of LTC to rise. Going by the current data given as block statistics, the halving event will occur at 9: 30 hours on August 5 2019. Which is only a few days away. The event is designed in the code of the network and always occurs after a four year period.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.

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