Cryptocurrency analyst and trader Rekt Capital speculates that Litecoin’s (LTC) rally is set to continue even after its robust performance over the past few days. The analyst also anticipates a surge up to $2,300 in Ethereum (ETH), the largest altcoin.
Anonymous crypto analyst and trader Rekt Capital suggests that Litecoin is currently following an uptrend scenario that could push its peer-to-peer payment network to a level last seen in January 2022.
According to the analyst, LTC’s breach above the major resistance at $93 suggests that the popular altcoin could rise to $140 before the next block reward halving. He commented, “LTC continues its pre-halving rally. LTC has followed the green path quite well so far.”
As of the writing of this article, Litecoin trades at $111.97, reflecting a 1.84% rise in the last 24 hours.
Block reward halving, which reduces the reward miners receive per block added to the Blockchain by 50%, is traditionally viewed as a bullish catalyst. The next block reward halving for Litecoin is anticipated to occur on August 2, 2023.
The crypto analyst also has an eye on Ethereum, the largest altcoin. According to Rekt Capital, Ethereum is likely heading towards $2,275 after maintaining above high timeframe support.
The analyst noted for the expected ETH surge, “ETH has successfully retested the level around $1,680 (red) as support and risen by 14% upwards. It’s following the blue path well.”
ETH, the largest altcoin by market value, is trading just below the $2,000 level at $1,946, reflecting a 1.72% rise in the last 24 hours.