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Has the Race to $200 Just Began?

The bulls have become pretty strong as the crypto markets are heading towards the monthly close. Besides, the Bitcoin price is trading in and out of $70,000, due to which altcoins like Litecoin have generated some room to thrive. LTC prices have been trading within a very narrow range for quite a while and current monthly action has placed the bulls in the forefront. Even though the price is facing minor bearish action at the local highs, the next bullish push is expected to clear the path towards $150. 

Litecoin’s price has remained heavily undervalued, even though it is the first altcoin after Bitcoin that remains in circulation. However, the last bull run propelled the price above $400, while the upcoming upswing is believed to elevate the levels close to a 4-digit figure. Meanwhile, the bears appear to have become vigilant, as they are trying hard to restrict the rally after every jump. In such a case, will the upcoming Bitcoin halving have an impact on the LTC price, as the Litecoin halving failed to do so in 2023?

The LTC price had broken above the upper resistance of the symmetrical triangle and quickly underwent a retest. With this, the price triggered a fresh upswing during the previous day’s trade and smashed above the local resistance at $101.31. However, the bears are utilising all their strength to drag the levels below $100, but the bulls appear to be poised to keep up the momentum. Hence, the upcoming price action for the next few days could be extremely crucial, as a rise above $110 could pave the way for the price to reach the key resistance zone between $131.85 and $140.83.

Litecoin has registered an 11% jump, second in the top performer’s list after dogwifhat (WIF). One of the significant reasons behind the surge is speculated to be the recent statement let out by the US’s Commodity Futures Trading Commission (CFTC), in which it declared Litecoin a ‘commodity’, in a lawsuit against Kucoin exchange. Therefore, it can be assumed that the Litecoin price may continue to form consequent higher highs and lows and maintain a steep upswing to reach $150 in the next bullish wave. 

Whether the LTC price could reach $200 ahead of Bitcoin halving, we need to just wait and watch as the technicals and the market sentiments suggest so.

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