Litecoin, commonly known as Bitcoin’s small brother, has a halving event estimated to occur on August 2023. As a result, crypto community members and traders are constantly speculating how high Litecoin will rise leading up to the event.
Litecoin Could Hit $130 Before Cooling Off
For example, crypto analyst @nihkalowz has shared a scenario via Twitter where Litecoin (LTC) rises to $130 before cooling off. They shared their Litecoin price forecast through the following tweet.
If history repeats, #litecoin would see a minimum price of $130 before cooling off. pic.twitter.com/pWtZZcce0F
— nik (@nihkalowz) March 1, 2023
Litecoin Looks Set to Recapture the 200-week Moving Average
Further analysis of the one-day LTC/USDT chart below, courtesy of Tradingview.com, reveals that Litecoin continues consolidating below the $100 resistance and the 200-week (red) moving average. In addition, Litecoin remains bullish above the 50-day (white), 100-day (yellow) and 200-day (green) moving average.
Its one-day MFI (green), MACD and RSI (red) also confirm a potential bullish scenario that could result in Litecoin venturing above the $100 resistance and possibly capturing the 200-week moving average as support.
If this happens, the path to $130 could be next as the halving inches closer.
However, keeping a close eye on Bitcoin is recommended, as any price fluctuations by BTC will affect Litecoin’s bullish scenario.
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