As described by HeraldoBinanrio, cryptocurrency Litecoin (LTC) has had a significant recovery in recent weeks, standing above the line of 93.77 dollars, still without reaching its best period of the year when it reached 106 dollars, but this cost could arrive as the halving of the digital asset approaches.
The halving is a process of halving the rewards that miners receive to validate their operations. For the case of Litcoin, this will be its third event, hence the urgency of miners to obtain the largest amount of Litecoin prior to this event.
To date Litecoin network just processed its 170 millionth transaction. It which means Litecoin is accelerating, adding another 10 million in the last 7 weeks.
Raid to Enter Neutral Zone
Technically Litecoin started the month of July touching the support of $89.33 and is currently positioned oscillating between $91.78 and $92.55. However, a specific break point is the price of $92.08 but with pressure between $97.75 and $98.45, with a bullish indication above $100.23.
The above points would be good entry points for the long term. Correcting the Elliot waves, currently the price develops within an impulsive wave 3.
Price entered the neutral zone with 45.42 approximate points of the RSI. But it is important to pay attention that a correction may occur in the next few months in order to continue the true trend. Emerging vols point towards profit taking at $142.63.
Not Correction Positive Feeling
For the medium term, Litecoin still shows signs of being within the oversold range with approximately 31.17 points for the RSI indicator.
The price accumulation average is at the equidistant points of $92.02 and $100.82, with the maximum average at $102.35 as important resistance to break to continue an uptrend.
For now, the ABCDE accumulation and weekly wave 1 are being defined, which could take the price above $129.15. the exact breaking point will be at the crossroads of the average price of $90.61.
In case of a momentary correction, pay attention to the price of $89.73 to buy cheaper, and thus, be able to obtain the maximum range of profits if the halving event initiates a good price rise.
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