Litecoin is retreating from the rally to $105. Price could return with a bullish breakout above $105 from a technical point of view.
July 23, 2019 | AtoZ Markets - The cryptos are turning downside again after quick surges toward the end of last week. Litecoin hit $105, Bitcoin hit $11,000 and most majors completed moves that exceeded an average of 25% gain. The market volatility has dropped but the momentum is still healthy and tradable especially for intraday and short-term speculators. Litecoin is now retreating to $90 but the bulls might still push to higher prices in the coming days if the price stays above the $75 previous low.
The current dips across the crypto board have seen the market shed over $5 billion this week. the current market capitalization, at the time of writing this report, was recorded to be $275.8 billion by Coinmarketcap. Litecoin with $5.77 billion in market cap still remains the 4th largest. LTC traders and investors expect big rallies in less than two weeks when the 'halving' exercise is carried out on the Litecoin network.
Litecoin 'halving': a bullish trigger?
Toward the end of June, we expected LTC and the entire market to make their biggest slips in 2019. This fall in price is probably ending and at a good time for Litecoin. Litecoin 'halving' is approximately 13 days and 3 hours 30 minutes away according to Litecoinblockhalf. The coin reward after the 'halving' will decrease from 25 to 12.5 coins.
Litecoin price prediction: Elliott wave analysis
From the perspective of the Elliott wave theory, a bullish run is very close but there are certain conditions to be met. In the last update, the chart below was used after price completed a corrective zigzag pattern at $75.
A bullish move was expected. However, there are two high likely scenarios as the new chart below shows.
If the correction has ended at $75, a big surge above $147 should happen. However, if it would go deeper, a minor corrective rally to $120-130 will most likely happen before the price falls further to make a more complex correction. At least a break above $100 is expected but we will have to see how far it goes.