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3 Reasons Why Litecoin Price is Poised to Surpass $140 – Crypto News

Published

1 year ago

April 12, 2024

Dripp

Litecoin price: The cryptocurrency market is currently in a state of pre-halving consolidation following the lead of Bitcoin price wavering around $70000. As a result, most major altcoins including Litecoin have witnessed fresh correction seeking support at respective support levels.

However, the LTC price projects a healthy retracement in the daily chart and the formation of a bullish pattern to indicate a potential uptrend continuation.

Bullish Pattern Sets Upcoming Rally in Litecoin Price

Litecoin Price| tradingview

Litecoin is a peer-to-peer cryptocurrency designed for fast and low-cost transactions, often considered the silver to Bitcoin’s gold. For over two weeks, the asset has witnessed a steady correction which plunged its price from $112.8 to $95, registering a 15.8% loss.

However, the pullback wavering above the 38.2% Fibonacci retracement level reflects the buyer’s continued standing as the dominant force in this asset. In addition, the falling price resonated strictly within two converging trendlines to indicate a bullish pennant pattern.

Under the influence of this pattern, the Litecoin price may recover its exhausted bullish momentum rally and may breach the overhead trendline as a signal to resume the prevailing trend. By the press time, Litecoin traded at the $96 mark and holds a market cap of $7.148 Billion.

A successful breakout will intensify the buying momentum and set LTC coin to chase the potential target of $122, followed by $140

Also Read: 2 Altcoins To Buy Going To Outperform Bitcoin Post-Halving

Litecoin Solidifies Its Position with 5 Million Long-term Investors

Litecoin has achieved a significant milestone, as reported by the crypto analytics firm IntoTheBlock. The platform indicates that the Litecoin network now boasts over 5 million long-term holders, a strong signal of investor confidence and commitment to the cryptocurrency.

Amazing milestone for Litecoin!

💎The network now counts over 5 million long-term holders of $LTC.
👉This figure represents 62.5% of all Litecoin addresses with a balance. pic.twitter.com/K5FHz3Ivjs

— IntoTheBlock (@intotheblock) April 12, 2024

This impressive statistic accounts for 62.5% of all Litecoin addresses with a balance, underscoring a stable and dedicated user base amid the volatile crypto market.

Also Read: Binance To List New Pairs For BCH, LTC & Others, Price Recovery Ahead?

Bitcoin Halving Signals Bull Run for Altcoins

The upcoming Bitcoin halving is a much-anticipated event in the cryptocurrency market, typically occurring every four years. This event is scheduled for April 20th and will reduce the miner rewards from 6.25 new Bitcoin for each mined block to 3.125.

The process aims to reduce the rate at which new Bitcoins are created, triggering a supply shortage in the market, which is eventually outpaced by demand pressure. As per the historical data, the Bitcoin price shows a notable uptrend post-halving which also uplifts the broader market.

Unlike other cryptocurrencies, the Litecoin price is still close to its bottom support indicating sufficient room for an aggressive uptrend.