Litecoin (LTCUSD) price is crawling back up after a 39% drop. Since its March 2023 lows, LTC price is already 36% up, but the outlook is still bearish on the daily chat. However, there is one key level that LTC to USD price needs to reclaim to flip bullish once again. We have mentioned this level below as we try to predict the price before its upcoming halving.
On Thursday, most altcoins are showing a negative price action despite a rising Bitcoin price. This indicates that the investors are selling their altcoins to buy Bitcoin. This is also evident from the BTC dominance chart, which is currently approaching the 48% level for the first time in the last ten months.
How Will LTC Price Be Affected By Halving
Just like the Bitcoin halving, the Litecoin blockchain also has a programmed halving in its code. The halving event occurs after every four years, which results in a reduction of the block rewards. The current block reward of Litecoin blockchain is 12.5 LTC. After the upcoming halving in August 2023, the block reward will be decreased to only 6.25 coins.
The halving controls the emission of new coins into the market. Therefore, Litecoin price USD will theoretically face much less selling pressure from the miners after the halving event. The following technical analysis shows the possible price scenarios before this key event.
Litecoin Price Prediction
The LTCUSD chart reveals that the LTC price has been in an uptrend since June 2022. While most cryptocurrencies made new lows in the later part of the year, Litecoin kept making higher lows. This was a major sign of strength which resulted in a major move at the start of 2023. The price broke above $105 in February, which was a 162% price increase from its June lows.
Due to the recent dip to the $65 level, the bullish market structure has been broken on the daily chart. To flip bullish once again, the price needs to break above the $98 resistance. This will put the $138 Liecoin price prediction totally on the cards as this is the 0.382 Fib retracement level.
If Bitcoin price gains strength above $30,000 before August, LTC bulls can also target $196, which is the 0.618 Fib retracement level. This Fib level comes into play by connecting the November 2021 highs to the July 2022 lows.