Litecoin Halving Event in Less Than 3 Weeks: Where LTC Price Heading Next?

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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.

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. However, the realization of this bullish scenario largely depends on how the price action behaves in the coming days concerning the critical support/resistance level around $90.

Contrasting Opinion

On the other hand, veteran crypto analyst Benjamin Cowen presents a dissenting view on Litecoin’s future trajectory. Cowen suggests that Litecoin is headed for a cooling phase following the upcoming halving event in August. Citing historical evidence from the two previous halvings, Cowen notes that Litecoin’s price has experienced declines on both occasions, indicating a possibility of a similar situation unfolding in the coming months.

As the Litecoin community eagerly anticipates the third halving event, the division among experts regarding its price outlook highlights the inherent uncertainty in cryptocurrency markets. While Captain Faibik’s optimistic stance suggests the potential for further gains and a breach of the $120 mark, Benjamin Cowen’s cautious perspective warns of a possible post-halving dip.

Traders and investors will closely monitor Litecoin’s price action in the coming weeks to gauge the direction it takes and whether it can overcome the bearish pressures to reach new heights or experience a cooling phase as observed in previous halvings.