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July 2, 2023

Crypto Analyst Says Litecoin Pre-Halving Rally Already Underway – Here’s His Target

By Daily Hodl Staff

A closely followed crypto strategist believes that Litecoin (LTC) isn’t finished rallying even after its strong performance over the last few days.

Pseudonymous analyst Rekt Capital tells his 347,500 Twitter followers that LTC is currently following a script that could send the peer-to-peer payments network to a level last witnessed in January 2022.

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According to the trader, LTC’s move above its major resistance at $93 suggests that the altcoin could surge as high as $140 before its next halving event.

“LTC pre-halving rally is well on its way.

LTC is following the green path very well so far.” 

Source: Rekt Capital/Twitter

A halving event is traditionally viewed as a bullish catalyst as it slashes miners’ rewards by 50%. In the case of Litecoin, its next halving is slated for August 2nd.

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At time of writing, LTC is worth $111.40, up over 11% in the 24 hours.

The crypto strategist is also keeping an eye on Ethereum (ETH). According to Rekt Capital, Ethereum is likely on its way to $2,275 after respecting its high timeframe support.

“ETH has successfully retest the ~$1,680 (red) level as support and has rallied +14% to the upside.

Following the blue path well.”

Source: Rekt Capital/Twitter

At time of writing, Ethereum is trading for $1,917, up over 1.5% in the past day.

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Featured Image: Shutterstock/Tuso chakma