Pre-Halving Effect; Litecoin (LTC) Soars, & Bitcoin Cash (BCH) Records Double-Digit Gains
Qadir AK2 Jul 20232 min read
The crypto space has experienced a roller coaster ride in the past seven days as the Bitcoin price remains stuck around $30,500. Besides, the altcoins are gearing up and have maintained enough strength at the same time. Moreover, with a slight change in market sentiments or a minor rise in the BTC price, altcoins like Litecoin, Bitcoin Cash, Bitcoin SV, Ethereum Classic, etc. have been souring iconically.
Litecoin Heading Towards $130
For the first time in 2023, Litecoin has soared magnificently, recording a single-day rise of over 30%. The price peaked in mid of February and soon entered the correction phase, followed by a consolidation. After a prolonged consolidation of 4 months, a very strong bullish breakout emerged. Regardless of the short-term swings, the long term projections are bullish, forming higher highs and lows, with mid-June being the main support and the mid-march low being the backup or last point of defense.
Litecoin is currently trading at its highest levels since April 2022 and also recorded one of the highest bullish closes. The price is trading within a rising channel and has just rebounded from the lower support. The price is expected to maintain a steady rise, reach the upper resistance above $125, and mark the yearly high close to $140.
Bitcoin Cash (BCH) Price May Hit $450
Bitcoin Cash is making some interesting moves here, where the price is pushing hard to break that support that is holding the token up. The price initially displayed good potential and triggered a fine correction movement as it grabbed liquidity.
The BCH price soared after breaking above the decisive symmetric triangle during the second fortnight and surged by more than 200%. The volume rose by more than 150% for the third consecutive day, lifting the price heavily beyond $300. Currently, the price is experiencing a minor pullback, but a healthy rebound could be imminent.
