The post Litecoin is Fading into its Halvings; Will This Fail To Trigger LTC Bull Run? appeared first on Coinpedia Fintech News
Litecoin is just an inch away from undergoing the most important upgrade, the halving! The miner’s rewards are halved, and eventually, the issuance of the new LTC tokens is also slashed in half. This is generally considered a bullish factor for the cryptos working on the Proof-of-Work consensus mechanism. Moreover, the pre-halving phase is also witnessed by a significant upswing in the value of crypto.
Now that the Halving phase is just a couple of days away, the LTC price is constantly dropping and also failing to reclaim the lost levels. Therefore, it is assumed that the halving impact may have faded, but in reality, the price is accumulating gains that will explode after reaching the edge of the consolidation.
The current trade setup indicates a potential breakout pattern due to the formation of an ascending triangle pattern. The price has already gained 150% from the recent low and is aiming to surge by another 180% if the upper resistance is breached. As mentioned above, the price is trading within an ascending triangle within the weekly timeframe. This, combined with the recent volume spike, suggests a potential trend reversal and increased volatility to shake out weak buyers.
Therefore, a minor pullback towards $80 appears to be on its way, which may initiate order block activities. Further, a breakout above the resistance levels at $110 could propel the LTC price to the initial target at around $190 and later may try to achieve levels around $330. Conversely, a bearish scenario may be activated if the price breaks below $75, and hence the traders are required to be vigilant if the bulls fail to trigger a reversal at the support.