The post Litecoin Halving: To the Moon or Back to $40? Analyst Clash! appeared first on Coinpedia Fintech News
Litecoin (LTC) is currently undergoing a critical phase as its market retests a significant support/resistance level of 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 upside, especially with the impending third halving event in less than three weeks.
However, the market also faces considerable bearish pressure due to the ongoing weekly death cross between the 50 and 200 MAs, raising concerns of a potential decline towards last year’s lows of approximately $40 if bullish momentum wanes.
A Strong Bullish Outlook
Renowned cryptocurrency analyst Captain Faibik 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 quarter period is $120, implying further potential for price appreciation.
C’mon $LTC Bulls, Send it to $120
#Crypto #Litecoin pic.twitter.com/b0px3oxSGm
— Captain Faibik (@CryptoFaibik) July 18, 2023
However, Faibik cautions that realizing this bullish scenario will heavily rely on how Litecoin’s price action behaves concerning the crucial support/resistance level around $90.
Read More: Litecoin Price Prediction: Peter Brandt Predicts 700% Surge For LTC Price
But Wait… Not Everything’s Perfect!
Veteran crypto analyst, Benjamin Cowen, holds a dissenting view on Litecoin’s future trajectory. Cowen suggests that LTC might experience a cooling phase following the upcoming halving event in August. Drawing from historical evidence of the two previous halvings, Cowen notes that Litecoin’s price has declined on both occasions, hinting at the possibility of a similar pattern unfolding in the coming months.
Uncertainty Prevails
As Litecoin’s community eagerly anticipates the third halving event, the conflicting predictions from experts highlight the inherent uncertainty in cryptocurrency markets. While Captain Faibik’s optimism points towards potential gains and a breach of the $120 mark, Benjamin Cowen’s cautionary stance warns of a potential post-halving dip.
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 pressures to reach new heights or experience a cooling phase, as observed in previous halvings.
With the cryptocurrency market’s unpredictable nature, the outcome remains uncertain. Meanwhile, tell us what you think.
