Litecoin (LTC) is currently going through a critical phase as the market retests a significant support/resistance level around $90 on the daily time frame. With the 50 and 200 daily moving averages serving as robust support, many experts believe that Litecoin’s price action indicates further potential gains, especially with the impending third halving in less than three weeks.
However, the market is also facing significant bearish pressure due to the ongoing weekly death cross between the 50 and 200 MAs, raising concerns about a potential drop to last year’s lows of around $40 if bullish momentum wears off.
A strong bullish outlook
Noted cryptocurrency analyst Captain Fabik remains optimistic about Litecoin’s future prospects. In a recent Litecoin price analysis, Faibik highlighted the possibility of a bullish outlook for the third largest Proof-of-Work (PoW) secured network in the coming weeks. Faibik’s price target for Litecoin during the halving period is $120, implying further potential for price appreciation.
However, Faibik warns that realizing this bullish scenario will depend heavily on how Litecoin’s price action behaves with respect to the crucial support/resistance level around USD 90.
Read more: Litecoin Price Prediction: Peter Brandt Predicts 700% Rise for LTC Price
But wait… Not everything is perfect!
Veteran crypto analyst, Benjamin Cowen, has a dissenting view on Litecoin’s future trajectory. Cowen suggests that LTC may be in a cooling phase after the upcoming August halving. Based on historical evidence from the two previous halvings, Cowen notes that the price of Litecoin has fallen on both occasions, hinting at the possibility of a similar pattern unfolding in the coming months.
Uncertainty prevails
As the Litecoin community eagerly awaits the third halving, experts’ conflicting predictions highlight the inherent uncertainty in cryptocurrency markets. While Captain Faibik’s optimism points to potential gains and a breach of the $120 mark, Benjamin Cowen’s cautionary stance warns of a possible dip after the halving.
Related: Litecoin Halving Event Sparks Frenzy: Here’s what investors can expect
Traders and investors are keeping a close eye on Litecoin’s price action in the coming weeks. Their goal is to assess which direction LTC will take and whether it can overcome the bearish pressure to reach new highs or experience a cooling phase, as seen in previous halvings.
With the unpredictable nature of the cryptocurrency market, the outcome remains uncertain. In the meantime, tell us what you think.
