- Litecoin halving completed; next halving in 2023.
- Litecoin retraces from highs above $100; downside remains strongly supported.
LTC/USD daily chart
Chart source: Tradingview
Litecoin is flying the bullish flag high today with over 6% gains on the day. The massive gains come after correcting from mid-July lows at $74.61, Looking at the daily chart, the crypto made a compelling move touching $110 at one point. Unfortunately, the market has not been without the bears who have been forcing the price on critical support areas. The declines last week found support around the 23.6% Fib retracement level taken between the last drop from $130.03 to a swing low at $74.61.
The bullish waves showed great love to digital assets across the board over the weekend sessions. Litecoin pulled closer to $100 but $98.00 proved an uphill task. On the brighter side, Litecoin’s technical levels remained strongly positive.
The excitement surrounds Litecoin halving pushed Litecoin above $100 critical level. In fact, the price jumped above the 100-day Simple Moving Average (SMA). An impressive high formed at $107.92 but the confluence formed by the50-day SMA and the 61.8% Fib retracement level around $110 remains unbroken.
Technically, Litecoin is trading amid building bullish momentum despite the correction to $98.50 (current market value). The Moving Average Convergence Divergence (MACD) is still struggling to come out of the negative region. The bullish divergence means that the bulls have the control. In addition to that, the 50-day SMA sustained position above the 100-day SMA suggests rising buying power in the short-term as bulls hold the mantle.
As mentioned Litecoin went through its four-year routine halving. This important event sees Litecoin rewards cut by half. As from August 5 mining rewards have been slashed from 25 LTC to 12.5 LTC. The cut will see mining profit tank for a while before the hash rate builds again. Moreover, limited supply could push Litecoin to new levels in the coming weeks.
Litecoin Key Technical Levels
- Support Areas: $90, and $74.61.
- Hurdles: $100, $105 and $110.
- MACD: Bullish divergence.
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