Litecoin price to squeeze one last rally to $115 before LTC halving event
|- Litecoin price has been consistently underperforming despite the upcoming halving event.
- But investors can expect one last rally that tags the $115 hurdle before the third halving event kickstarts.
- A decisive flip of the $73 support level could trigger a further 21% crash to $57.78.
Litecoin price has been wandering aimlessly around a critical level. Unable to successfully flip it or break down below it, LTC has been a boring coin to trade for investors. But with the third halving event happening in roughly three months, volatility could start to heat up.
Read more about Litecoin’s third halving event: Litecoin could display strong performance ahead of its next halving event
Litecoin price remains calm
Litecoin price has had trouble flipping the $95.75 hurdle since January 29. After multiple failed attempts to overcome this blockade, LTC crashed 38% from a local top at $105. A quick V-shaped recovery from $64.98 saw the altcoin undo these losses almost completely and set up another local top at $103.63.
The recent attempt also failed, which knocked Litecoin price down by 18% to graze the $77.68 to $84.24 demand zone. Going forward, if LTC digs deeper into this zone, it will provide sidelined buyers a chance to accumulate the altcoin at a discount.
If enough interested investors step in, it could trigger a Litecoin price rally that successfully flips the $95.75 hurdle and tags the $115.23 barrier. This move would constitute a 37% gain for investors.
In a highly bullish case, Litecoin price could scale higher and retest the $131.79 hurdle.
LTC/USDT 1-day chart
While the bullish outlook for Litecoin price makes logical sense, it is contingent on the recovery above $95.75. If buyers fail to step in after a retest of the $77.68 to $84.24 demand zone, it will signal weakness.
Such a development could see Litecoin price sink lower and retest the $73.40 support floor. A decisive flip of this barrier will invalidate the bullish thesis for LTC and potentially trigger a 21% nosedive to $57.78.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.