- Analyst CryptoFaibik identified on Twitter immediately {that a} declining wedge sample on LTC’s 1-hour chart remains to be in play 23 days earlier than the halving.
- At press time, LTC was price $93.32 after a worth drop of greater than 3%.
- Along with the falling wedge on the 1-hour chart, a optimistic trendline was current on LTC’s day by day chart.
Crypto analyst CryptoFaibik shared on Twitter earlier immediately that on the low expiration (LTF) chart for Litecoin (LTC), a falling wedge sample nonetheless seems to be in play. the configuration is validated. Moreover, the analyst identified that the LTC halving occasion is barely 23 days away.
Regardless of the approaching halving, CoinMarketCap reported that the value of LTC noticed a drop of greater than 3% within the final 24 hours of buying and selling. This left altcoin buying and selling arms at $93.32 at press time. Consequently, LTC was buying and selling simply above its day by day low of $93.20.
LTC’s 24-hour loss additionally ended up pushing its weekly efficiency even additional into the crimson at -16.70%. Moreover, the crypto’s 24-hour buying and selling quantity stood at round $572,566,523 after seeing a rise of greater than 40% previously day.
Its market capitalization of $6,842,802,882 meant that LTC was ranked because the eleventh largest cryptocurrency by market capitalization. This got here after Tron (TRX) overtook LTC because the tenth largest crypto with its market capitalization of $6,907,189,252.
A optimistic trendline was current on the day by day chart of LTC after the crypto printed two greater lows over the previous few weeks. The primary low was posted on June 20, 2023 when LTC established a low of $75.73. Subsequently, LTC set a low of $82.94 on June 29, 2023.
If the value of LTC closes immediately and tomorrow’s day by day candles break above the assist stage at $92.37, it might set off one other greater low. In that case, LTC worth could also be trying to problem the resistance stage at $100 within the subsequent 48 hours.
A break above $100 will pave the way in which for the value of LTC to achieve the following resistance stage at $109.25 the next week. This bullish thesis, nonetheless, shall be invalidated if the crypto worth closes a day by day candle under the aforementioned $92.37 assist stage throughout the subsequent 48 hours. On this state of affairs, LTC might fall to $85.
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