The popular cryptocurrency of Litecoin has been on a slow and confident climb in the crypto markets since the local low of $40.30 was set in mid-June after the collapse of the Terra (LUNA) ecosystem. Since then, Litecoin has gained by 162% to hit a local peak of $105.71 set on February 16th, 2023.
Litecoin’s Halving Event is Expected to Occur on August 3rd
The bullishness surrounding Litecoin (LTC) has been partly due to its halving event, estimated to occur around August 3rd this year. The halving will reduce LTC’s block reward from the current 12.5 LTC per block to 6.25 LTC.
Litecoin Set to Break and Hold $100 and the 200-week Moving Average
Concerning short-term price action, the one-day LTC/USDT chart below, courtesy of Tradingview.com, shows that Litecoin is currently undergoing a correction that could result in a retest of the $94 or even the $88 support level. Litecoin’s daily MFI (green), MACD and RSI (red) further confirm the ongoing pullback that also hints at consolidation below the $100 price level and the 200-week (red) moving average.
If Litecoin can maintain a price level above $90 into the new month of March, it could gather enough momentum to confidently break the $100 resistance level and the 200-week (red) moving averages.
From the weekly chart perspective below, the feat of claiming both the $100 and the 200-week moving average looks very possible before Litecoin’s halving in August.
