LTCUSDT Bull Market Chart Analysis: Long-term Targets and Best Accumulation Zone:

CryptoPatel Technical Analysis on Tradingview

Litecoin (LTC) has been on the rise in the current bull market, with a 60% increase in March alone. With the upcoming halving on 12/08/2023, many investors are wondering what the future holds for LTC. In this article, we will provide a chart analysis of the LTCUSDT bull market and offer insights on long-term targets, the best accumulation zone, and how to invest wisely.

The LTCUSDT Bull Market Chart Analysis: As per the latest data, LTC has not seen a significant pump near its halving date in the past. Therefore, we can expect LTC to trade between $60-$125 till October-November. The best accumulation zone for long-term investors is between $50-$70, where they can buy the dip and accumulate more LTC.

Long-Term Targets: Despite short-term fluctuations, LTC has strong long-term potential. The long-term targets for LTC/USDT are $500, $700, and $1000. It is important to note that these are long-term targets and not immediate price predictions. Therefore, long-term investors should accumulate at every big dip and avoid leverage to stay focused on spot holding.

Takeaways:

LTC has been on the rise in the current bull market with a 60% increase in March.

The upcoming halving on 12/08/2023 is expected to result in LTC trading between $60-$125 till October-November.

The best accumulation zone for long-term investors is between $50-$70.

Long-term targets for LTC/USDT are $500, $700, and $1000.

Long-term investors should accumulate at every big dip and avoid leverage to focus on spot holding.

Conclusion: In conclusion, LTC has strong long-term potential, and investors should focus on accumulating at the best accumulation zone and avoiding leverage. While short-term fluctuations can occur, the long-term targets for LTC/USDT are promising. Therefore, long-term investors should stay patient and continue to accumulate at every big dip.

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Litecoin price coils up as it prepares for a quick uptrend to $101.41.

The backing from momentum indicators combined with the third halving event makes a compelling case for LTC to rally.

Invalidation of the bullish thesis will occur on the breakdown of the $86.29 support level. 

Litecoin price shows signs of an emerging uptrend on the four-hour chart. While a minor retracement might be likely, the larger trend is bullish for LTC. Additionally, the altcoin will undergo the third halving event on August 5, which will split its block rewards from 25 to 12.5 LTC. 

Litecoin halving and its effects

Typically, halving creates a negative supply shock - where the supply declines but the demand either remains the same or increases. The result of this change can be seen in the underlying asset’s price. In LTC’s case, Litecoin price will likely note a stark increase.

In practice, things are a bit different since the anticipation of the negative supply shock and the subsequent increase in Litecoin price created a sense of urgency. As a result, investors jump on the bandwagon before the halving event to capture maximum upside potential. Soon, this idea manifests, triggering a pre-halving rally for Litecoin price. 

The same effect was seen in Bitcoin price before its halving. 

Additionally, investors can note that the hash rate for Litecoin is also increasing. From January 2023 to April 2023, the LTC hash rate has increased from 580 Terra hash per sec (TH/s)  to 701 TH/s.

Typically, a rise in hash rate is often followed by a rise in the underlying asset’s price due to network effects.

Litecoin price ready to take off

Litecoin price shows clear signs of an uptrend as it rallied 6.70% in the last 24 hours. This bullish move came despite a market-wide range formation, suggesting an interest in LTC. As mentioned above, the demand could be driven by the halving event.

Regardless, Litecoin price is at a crucial point, where it could retrace to $88.99 before taking off. As long as LTC manages to flip the four-hour bullish breaker, extending from $87.60 to $90.88, the trend will remain in favor of buyers.

Additionally, both the Relative Strength Index (RSI) and the Awesome Oscillator (AO) have flipped above the 50 and the zero line, respectively, suggesting that the bulls are in control. 

A continued northbound move for Litecoin price will send it to its first target, which is the midpoint of the recent crash at $93.72 that lies just below another hurdle at $95.71. Overcoming this blockade will allow Litecoin price to tag the $101.41 resistance level. 

On the other hand, if Litecoin price fails to stay above the $87.60 to $90.88 bullish breaker but produces a four-hour candlestick close below, the bullish thesis will face invalidation.

In such a case, Litecoin price will likely slide lower to collect the sell-stop liquidity below $83.90 before giving the uptrend another go.

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