A well-known cryptocurrency analyst predicts that Litecoin (LTC) will continue to rise despite its recent strong performance.
Rekt Capital, who has a significant following on Twitter, suggests that LTC is currently on track to reach a level not seen since January 2022, thanks to its current market pattern.
The analyst notes that LTC’s recent breakthrough of the major resistance at $93 indicates that the altcoin could possibly reach $140 prior to its next halving event.
“LTC pre-halving rally is well on its way.
LTC is following the green path very well so far.”
The upcoming halving event for Litecoin, scheduled for August 2nd, is typically considered a reason for optimism as it reduces miners’ rewards by 50%.
Currently, LTC is valued at $111.40, having seen an increase of over 11% in the past 24 hours. Another cryptocurrency to watch, according to a crypto strategist, is Ethereum (ETH), which appears to be headed towards $2,275 after showing respect for its high timeframe support, as noted by Rekt Capital.
“ETH has successfully retest the ~$1,680 (red) level as support and has rallied +14% to the upside.
Following the blue path well.”
Litecoin in the news
The trader, known as Bluntz on Twitter, has a following of 223,300, and suggests that Litecoin’s halving event scheduled for August will be a catalyst for its surge. Bluntz believes that both the USD and BTC pairs for Litecoin show bullish signs.
“I think LTC is finally gearing up for the halving run.
Attempting a 195-day range breakout on the USD pair and also firmly back into the prior breakdown range on its BTC pair, indicating a move to the top of the range.
Another one I’m happy to hold for a long-term swing.”
According to the analyst’s chart, there’s a potential Litecoin rally towards $140. As of now, LTC is being traded at $107.16, indicating a potential upside of more than 30% if it reaches Bluntz’s target.
