A widely followed crypto strategist believes that Litecoin (LTC) could be close to starting a strong uptrend leading to its third halving.
Analyst Michaël van de Poppe tells his 657,300 Twitter followers that the next few days could be crucial for Litecoin price action.
According to the cryptocurrency trader, Litecoin needs to clear its immediate resistance of $93 to start its halving rally.
“Lots of scribbling on this chart, but the biggest resistance on the time frame is at $93.
Support is currently at $82 and a strong bounce -> weekly candle looks good.
Next week it is above $93 and the halving rally could begin.”
Litecoin halving is expected to take place on August 2, 2023. As of this writing, LTC is trading at $91.32.
Van de Poppe is also closely monitoring the Polygon (MATIC) layer 2 scaling solution. According to the cryptanalyst, MATIC could rally as much as 61% if it manages to clear a key resistance level.
“I really want to see $0.95 turn around, then we can accelerate towards $1.30-1.50.
If that is not the case, then the short is triggered and longs can be taken at $0.75.”
At the time of writing, MATIC is worth $0.94.
As for Bitcoin (BTC), Van de Poppe believes that the “sky is the limit” for the king of cryptocurrencies now that it is trading above $27,400.
“Good new Bitcoin test here at $26,600. Looks like we’ll have some continuation here.”
At the time of writing this article, Bitcoin is trading at $28,133.
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