Litecoin Set For A Rally As It Gains Nearly 2% in 24 Hours.
After a pullback from an exponential run-up in November 2022, Litecoin is seeing gains and a possible run-up. The altcoin rallied 79% in two weeks between November 9 and 23, 2022, and created a double top at $84.88. This suggested the end of an uptrend and the beginning of a downtrend. As such, Litecoin lost 28% and created a local bottom at $61.63; this coincided with the 62% retracement level.
Currently, Litecoin is up by 1.75% in the last 24 hours and trading at $70.67. It is forming a local top at $72. But there could be a minor retracement to $68.46 – $67.41. Analysts believe inefficiencies are the best levels to accumulate as Litecoin price heads for a pre-halving rally. The altcoin is likely to undergo halving in 2023. This will drop the issuance of Litecoin from 12.5 to 6.25 per block. It should be noted that LTC rallies around 200 days before the start of halving. Investors can expect Litecoin’s price to create a massive rally going forward.
Moreover, a dash from $68.46 will result in a 25% upswing that will have liquidity resting above $84.88. This may be a short-term upswing, with long-term targets being $92, $95, and $100. Analysts are advising investors to pay close attention to how bulls may react after a minor pullback. They believe that if bulls fail to step up and produce a run-up, it will create weakness leading to a lower low.