Litecoin (LTC) price is in the midst of a recovery after another pullback in June. The price is currently 19% down from its yearly high, and the much-awaited halving event is just around the corner. Technical analysis suggests there could be another leg down before the halving event.
On Friday, cryptocurrencies are trading sideways as the BTC price fondles one of the most critical levels on its chart, i.e., $30,000. Litecoin price had a minor pullback today and was down 0.5%. The negative price action comes after eight consecutive days of greenery.
Can LTC Price Hit $200 By August?
There are many dubious LTC price targets that are floating around on Twitter. While $200 can be achieved before halving, the top altcoin first needs to flip a few key levels on its chart. The most significant level on the chart is the $100 level which is around 8% above the current price.
Litecoin price has been surging since last week due to a strong rebound in the BTC price from the $25,000 level. This comes as no surprise, as LTC mostly shows a strong correlation to Bitcoin. For Litecoin to hit $200 before halving, BTC needs to gain strength above the $30,000 level.
Litecoin Price Prediction Before Halving?
In August 2023, the Litecoin blockchain will experience a supply shock as the number of coins mined with each block will be halved. Many crypto investors are accumulating LTC in anticipation of this hyped event. However, it’s not as simple as it sounds.
At the moment, Litecoin price prediction before halving appears to be bullish as the overall crypto market sentiment is positive. This may change soon if BTC fails to break above $30,000 in the next few days. A higher likelihood is for the LTC price to retest the $60-$65 level before its halving event and then have a major upward rally in July and August.
In the meantime, I’ll keep sharing updated Litecoin analysis and my personal trades on my Twitter where you are welcome to follow me.
