Litecoin Value Prediction: Can Bulls Achieve New Momentum for LTC?

• Litecoin value traded above $90 on Sunday, with LTC hitting intraday highs of $91.60.
• Whereas value has twice rejected above $100, the realm stays a key goal for bulls as Bitcoin retests the $30,000 stage.
• If it clears the hurdle, additional momentum in direction of the Litecoin halving in August may propel the worth of LTC to its all-time excessive.

Litecoin (LTC) is buying and selling across the $90 stage after the bulls fought to regain management after the robust dump at lows of $84 final week. The weak point in LTC value got here after an additional decline in March that noticed the worth rejected to year-to-date highs of $106 in February.

The decline occurred at a key horizontal resistance zone within the $100 space, which stays the principle hurdle as Litecoin enters the ultimate months forward of its August halving.

Litecoin Value: Are the Bulls Taking Management?

The rejection of LTC value over the previous few weeks at $100 has resulted within the look of a double high sample, which alerts bearish power and highlights the potential for additional draw back. Because it occurs, LTC value broke under an ascending trendline assist after hitting $103 on April 18 and a big drop a couple of days later noticed LTC/USD drop to $84.

However though earlier good points had been worn out by the decline, LTC is at the moment attempting to carry the $90 zone after a crucial each day shut above. The bulls must affirm that they’re taking management by pushing increased even when a possible upside channel seems on the each day chart.

A have a look at the Relative Energy Index (RSI) exhibits that the momentum indicator is slightly below the 50 line. Nevertheless, the indicator is seeking to cross above the sign line to counsel attainable additional accumulation of altcoin.

With round 100 days left earlier than the halving, the Litecoin value prediction for 2023 is bullish. The community has continued to see larger miner confidence, with the whole blockchain hashrate lately reaching 760 terahashes per second (TH/s).

760,745,039,240,513 stunning hashes = right now’s mixed computational power and safety of the #Litecoin blockchain! ⚡ pic.twitter.com/lWoO4eUqTC

—Litecoin (@litecoin) April 21, 2023

If the anticipated halving rally triggers amid a broader market rally, the 2 most important targets above $100 might be round $180 after which $300. The all-time excessive for LTC is round $410 reached in Might 2021.

However, a bearish reversal may see the long-term assist zone flip into $65 resistance come into play. Beneath that, the principle buffer for Litecoin value stays the multi-year base round $40.