Can Grayscale’s Landmark Victory Propel Litecoin Price Towards Reclaiming Post-Halving Losses?
Last week, Litecoin (LTC) reached a bottom of $56, marking its third consecutive post-halving crash. However, the recent price rally, triggered by Grayscale’s Bitcoin ETF application appeal victory, has brought hope of reclaiming the losses. Despite this, there are several factors that suggest a major price breakout is still far from reach.
Main Breakdowns:
- Litecoin’s low prices make it attractive for peer-to-peer transactions
- Transactional activity on the Litecoin network has been increasing
- LTC bears still dominate the market sentiment
- The current market supply for LTC exceeds demand
- LTC price may struggle to break the $80 resistance level
Considering the bearish sentiment among LTC traders, it is likely that the price will continue to remain below $80 in the coming weeks. The Global In/Out of Money Around Price (GIOM) data further supports this prediction, indicating a significant resistance zone around $80 and $88. However, if the bulls manage to overcome this resistance, LTC price could potentially reach $90 for the first time since the last halving event. Conversely, if the bearish sentiment grows, a downswing below $60 is possible.
Hot Take: While the recent price rally and increased transactional activity on the Litecoin network are positive signs, the dominance of bears and the resistance levels suggest that a major price breakout for LTC is still unlikely in the near future.
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