The aggregated crypto markets have been facing some levels of instability as of late, primarily due to Bitcoin’s inability to find any significant stability above $8,000. Despite this instability, Litecoin (LTC) has been on the up-and-up and is only trading down slightly from its monthly highs.
Now, one analyst believes that Litecoin’s price may soon double before it incurs significant selling pressure that sends it reeling lower, and the cryptocurrency’s upcoming “halvening” event may be the source of this massive volatility.
Litecoin Surges Towards $120 Before Finding Resistance
At the time of writing, Litecoin is trading down roughly one percent at its current price of $116, which is down slightly from its daily highs of $120.
$120 remains a key resistance level for LTC, as it has tried and failed on multiple occasions over the past couple of days to break above this price level, which is currently its year-to-date high.
Although it remains unclear as to whether or not the crypto will be able to surge past this price level with ease, or if it needs to drop lower first, there is a high probability that LTC will incur significantly further volatility in the near-future as its highly-anticipated “halvening” event draws near.
Luke Martin, a popular cryptocurrency analyst on Twitter, spoke about this event in a recent tweet, explaining that LTC could trade significantly higher in the next couple of months as this event nears.
“I was sleeping on the $LTC halvening being only 60 days away now. Price is up 5% today breaking out of consolidation. I think it could go higher than the most recent .0182 swing high,” he explained.
I was sleeping on the $LTC halvening being only 60 days away now.
Price is up 5% today breaking out of consolidation. I think it could go higher than the most recent .0182 swing high.
Props to @ThinkingUSD & @trader1sz remember seeing them on it early. pic.twitter.com/f6RyLNXj99
— Luke Martin (@VentureCoinist) June 6, 2019
Halvening Could Send LTC’s Price Skyrocketing Higher
Although Martin believes LTC’s Bitcoin trading pair could climb as high as 0.0182 – up from its current price of 0.0146 – other analysts believe it could surge much higher.
Financial Survivalism, another popular crypto analyst on Twitter, explained in a recent tweet that historically Litecoin has peaked just days before the halvening occurs, which could signal that LTC is posed for a surge up to highs of 0.026 BTC in the coming months, which is nearly double its current price.
“$LTCBTC peaked days after $LTC halved in 2015. It proceed to selloff leading up to and following the $BTC halving. I think we will see similar price action in 19-20. If so then #LTCBTC would return to the top of the channel over the next couple months before retesting ~0.011,” he explained.
$LTCBTC peaked days after $LTC halved in 2015. It proceed to selloff leading up to and following the $BTC halving. I think we will see similar price action in 19-20. If so then #LTCBTC would return to the top of the channel over the next couple months before retesting ~0.011. pic.twitter.com/vXz5KcuE2k
— Financial Survivalism (@Sawcruhteez) June 8, 2019
As we continue to draw closer to the highly anticipated halvening, it is highly probable that LTC will incur notable volatility.
Featured image from Shutterstock.
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