Bitcoin has been leading most major altcoins, like Ethereum, Litecoin, and XRP, on a wild rise as of late, starting with its recent drop to $9,100, which was quickly followed by a surge towards $11,000 that subsequently resulted in a drop towards $10,000.
Although Litecoin has been closely tracking Bitcoin’s price action, analysts are now noting that there is a decent chance that the cryptocurrency begins surging in the near future, which may be fueled by its upcoming mining rewards halving.
Litecoin Drops Towards $90, But Technical Strength Grows
At the time of writing, Litecoin is trading down nearly 5% at its current price of $93, which is down slightly from its 24-hour highs of over $100.
While zooming out and looking at Litecoin’s price action over a seven-day trading period, it is clear as to just how much volatility it has been incurring as of late, as it is currently trading up from lows of under $78 that were set when Bitcoin dropped to $9,100.
Importantly, LTC’s climb from these lows has allowed it to form what is widely viewed as a bullish technical formation, which, in combination with its upcoming mining rewards halving, could signal that a price rally is imminent.
The Wolf of All Streets, a popular analyst on Twitter, spoke about Litecoin’s potential bullishness in a recent tweet, noting that it is currently forming a bull pennant.
“$LTC This looks bullish. Double bottom confirmed with break and retest of neckline. Forming a bull pennant. FA is solid – halving coming soon. One of my favorites at the moment,” he explained.
Will Halving Be the Catalyst That Sends LTC Higher?
Although Litecoin is currently closely tracking Bitcoin’s price action, it is highly probable that its upcoming rewards halving – which is set to occur in just under 14 days – could spark a rally that is independent of the rest of the crypto markets.