Now less than 1000 blocks remain until the halving, as the event is about to occur in less than a day. The price was closer to breaching the falling wedge after remaining within the consolidation for over 27 days. However, the token’s volatility has risen significantly and has been trading within large ranges. Hence, the probability of a bullish breakout after the halving event is raised.
Presently, the LTC price has failed to rise beyond the wedge, indicating the possibility of triggering a fresh descending trend looms over the token. Meanwhile, the dolphins and sharks are constantly accumulating since the price underwent a huge rebound in the middle of June. As per the data from Santiment, they both have collectively accumulated more than 200K LTC.
The rise in these levels indicates growing confidence in the impending upswing, which may help the price hold a strong base in case of any bearish event. Considering the price movements and the recent monthly close, which was fairly bearish, the price is believed to remain consolidated below the crucial support at $94. Therefore, the possibility of these levels flipping above the newly framed ATGH major resistance is also quite possible, as the LTC price is likely to maintain a narrow trend around these regions, failing to surpass them.
This may strengthen the bearish hold over the market and assist the LTC price to drop towards its interim support ahead of Litecoin’s halving. However, the event is on the horizon and the upcoming halving is believed to lift the prices significantly up as the traders now expect similar price action in the coming days However, the current trade setup is pretty uncertain and hence the halving event is expected to turn the tables for the Litecoin (LTC) Price.
