Litecoin price shows signs of an emerging uptrend on the four-hour chart. While a minor retracement might be likely, the larger trend is bullish for LTC. Additionally, the altcoin will undergo the third halving event on August 5, which will split its block rewards from 25 to 12.5 LTC.

Litecoin price shows clear signs of an uptrend as it rallied 6.70% in the last 24 hours. This bullish move came despite a market-wide range formation, suggesting an interest in LTC. As mentioned above, the demand could be driven by the halving event.

Regardless, Litecoin price is at a crucial point, where it could retrace to $88.99 before taking off. As long as LTC manages to flip the four-hour bullish breaker, extending from $87.60 to $90.88, the trend will remain in favor of buyers.

Additionally, both the Relative Strength Index (RSI) and the Awesome Oscillator (AO) have flipped above the 50 and the zero line, respectively, suggesting that the bulls are in control.

A continued northbound move for Litecoin price will send it to its first target, which is the midpoint of the recent crash at $93.72 that lies just below another hurdle at $95.71. Overcoming this blockade will allow Litecoin price to tag the $101.41 resistance level.

On the other hand, if Litecoin price fails to stay above the $87.60 to $90.88 bullish breaker but produces a four-hour candlestick close below, the bullish thesis will face invalidation.

In such a case, Litecoin price will likely slide lower to collect the sell-stop liquidity below $83.90 before giving the uptrend another go.

Litecoin showing clear indications of bullish sentiments

Apr 28 2023