Litecoin (LTC) Pre-Halving Rally Delays as $100 Remains Unconquered

Litecoin (LTC) just like Bitcoin goes through a mining reward halving every four years. The previous halving on Litecoin blockchain took place in 2015. This year’s event is scheduled to take place in exactly four days according to Charlie Lee, the founder of Litecoin.

“I’m announcing today that in 4 days, I will be cutting Litecoin mining rewards in half for the first time in 4 years. This should help prevent the possibility of a cryptocurrency downturn. ?

And I will cut it in half again in 2023!” Lee wrote on Twitter.

Litecoin Technical Analysis – LTC/USD 4-hour chart 

Investors expected a pre-halving rally that would see Litecoin trade at relatively higher levels. However, as it stands, Litecoin price is stuck below the $100 hurdle. According to the four-hour chart credible support is established at the 23.6% Fibonacci retracement level taken between the last swing high at $107.64 to a swing low of $75.60.

On the brighter side, Litecoin is trading above the resistance trendline. Moreover, the price corrected above the 100 Simple Moving Average (SMA) 4-hour. Yesterday, Litecoin made a compelling upwards move. Nonetheless, the struggle to secure a position above the $100 hurdle was unsuccessful.

Meanwhile, Litecoin is dancing at $96.35 amid a building bearish momentum. The correction from $100, is likely to be a healthy and necessary setback. It will see the bulls gather the strength to attack higher levels beyond $100 in the coming sessions.

The Moving Average Convergence Divergence (MACD) is sitting comfortably in the positive side. The indicator’s positive divergence shows that the bulls have the upper hand in the short-term. Besides, the 50% Fib level is in line to offer support ahead of the 100 SMA and the above mentioned 23.6% Fib level.