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The limited dip in Bitcoin price has sparked significantly larger losses in altcoins, pushing most to start carving out fresh lows. Veteran investors in this space realize fear periods often present opportunities bearing great rewards. The FTX crash stands as a recent example, where those who cashed in at the nadir during this year’s first quarter gained enormous profits. Some altcoins even saw their value surge more than tenfold.
Is Litecoin’s Halving a Buying Opportunity?
With two months left to the halving event in August, Litecoin confronts a significant barrier at the $103.5 level. If the price action from 2019’s halving repeats itself, we might see a substantial LTC rally. However, history doesn’t always dictate the future. While the block reward halving could bolster LTC’s value, it needs to surpass the $104 peak of Q1/Q2 for further gains.
Moreover, the current state of BTC is heightening concerns. The BTC price, incapable of advancing upwards, hasn’t entirely recovered from the lawsuit’s impact. Even the forthcoming interest rate decision seems forgotten. Therefore, the halving might not generate a significant opportunity in the short term.
At What Price Should You Buy Litecoin?
A sharp decline from $95 followed by a recovery attempt was stymied around $89. The price has been responding to $89 for some time, oscillating between support and resistance. However, it aligns with the fair value gap (FVG) region of $88.7 to $92.4, potentially creating a robust decline area. A recent recovery attempt halted in the FVG region, pushing the price below $89 at press time. Consequently, sellers may exert more effort in this decline zone.
Sellers targeting short-term gains might enter at $84 or the $77.5 demand region. Above the decline region, a sell order block and supply zone extend from $95 to $104, coinciding with the Q1/Q2 price ceiling. Therefore, any movement beyond the FVG region could trigger another decline from this supply zone, unless BTC shows an uptrend in a higher timeframe.
Investors should exercise caution regarding closures below $77.5.
