What is the status of Litecoin (LTC), which gained popularity and rose during its halving, now?
Litecoin completed its halving in August. In recent months, there has been an increase in the price of LTC due to the Litecoin halving. Litecoin, which has been growing and developing since May, fell into deep silence after the halving. According to an analysis, the LTC price has the potential to move to $100 if it passes important resistance points. However, LTC may be facing selling pressure at the moment.
Litecoin (LTC) chart analysis
Litecoin (LTC), a popular and very old crypto project, looks far from the $115 level it achieved with the halving effect. LTC is in an intense struggle to maintain permanence above $65.
Halving news had priced LTC and managed to move the popular cryptocurrency from around $80 to $115. With the halving, silence began in the project and the LTC price decreased.
According to an analysis by Coinpedia, the $68 resistance appears to be the first obstacle for LTC. If this resistance point is overcome, the next zone will be the $80 level. LTC has the potential to reach $100 if it overcomes all these resistances with buyers being dominant.
Bullish signals emerge on the chart as an inverse head and shoulders pattern forms. However, this formation may be delayed due to bear pressure. According to the analysis, the primary resistance point for LTC is the $70 region. The support point is at $61. The LTC price moving between these two regions can also signal its progress in determining the possible direction. A sustained LTC price above the 50-day EMA is also of great importance for an upward break.
If the downtrend continues, LTC price support points near $61 and $55 could act as a stronghold.
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