- Litecoin price was trading above $90 on Sunday, with LTC reaching a high of $91.60.
- While the price has been rejected twice above $100, this area remains a prime target for the bulls as bitcoin retests the $30k level.
- Fresh momentum from the August halving of Litecoin could propel the price of LTC to its all-time high if it breaks above the hurdle.
Litecoin (LTC) The bulls are trading near the $90 level after struggling to regain some control after a sharp selloff at the $84 low last week. The weakness in LTC price came after another decline in March, which saw the price reject its year-to-date high of $106 in February.
The decline occurred at a key horizontal resistance zone in the $100 area, which has remained a major hurdle as Litecoin enters the last few months before the August halving.
Litecoin Price: Are the Bulls Taking Control?
LTC price rejection at $100 over the past weeks means a double top pattern has appeared, indicating bearish strength and highlighting the possibility of a continuation to the downside. As it happened, LTC price broke below a rising trendline support after peaking at $103 on April 18, and a few days later, LTC/USD saw a significant decline to a low of $84.
But despite shedding previous gains, LTC is currently trying to hold the $90 area after a significant daily close above it. Bulls will need to confirm that they are in control by pushing higher even if a potential ascending channel appears on the daily chart.
A look at the Relative Strength Index (RSI) shows that the momentum indicator is well below the 50 line. However, the indicator is looking to cross above the signal line to suggest possible further accumulation altcoin,
Litecoin price prediction before halving
Litecoin price predictions for 2023 are bullish, with about 100 days to go before the halving. With the total hash rate for the blockchain recently reaching 760 Terahash per second (TH/s), more and more miners are building confidence in the network.
760,745,039,240,513 beautiful hashes = today’s combined computational power, and security, #litecoin Blockchain! pic.twitter.com/lWoO4eUqTC
— Litecoin (@litecoin) April 21, 2023
If the expected halving rally starts amid a rally in the broader market, the two main targets above $100 would be around $180 and then $300. The all-time high for LTC in May 2021 is around $410.
On the flipside, a bearish reversal could see the $65 long-term resistance-support area in play. Beneath that, the main buffer for Litecoin price remains the multi-year base around $40.