Litecoin Rocky Road: $70 Resistance Defeated Again

• Litecoin (LTC) bulls are lining up buy orders ahead of a possible breakout of the $70 local resistance.
• LTC has underperformed since the August halving hitting a new 2023 bottom of $58 on September 12.

Litecoin (LTC) looks to be accumulating around the $64 price level. The digital asset began the month strong testing the $70 resistance. After quickly being rejected, the token spiraled downward to find support around $63. Exchanging for $64 at the time of press, LTC has recorded a 1.5 percent rise in the last 7 days. In the last 24 hours, the asset has recorded a marginal increase of less than 1 percent.

Regarded as the “digital silver” to Bitcoin’s “digital gold,” the altcoin has been mirroring its bigger brother in price movement. Bitcoin after touching $28,000 at the start of the month has retraced back to $27,800 at the time of press. Up by 6 percent in the last 7 days, pundits are hugely optimistic about this month and expect the entire crypto market to perform exceptionally well. Historically, October has been a bullish month leading to the month being dubbed “Uptober.”

To be led by Bitcoin, altcoins are likely to follow suit and perform as well as Bitcoin. Litecoin is one of the leading candidates to possibly outperform Bitcoin and a majority of coins. With a prevailing bullish sentiment, LTC is one of the altcoins to watch.

As CNF reported, crypto exchange data shows that investors are preparing for the next move. Litecoin investors have placed orders to buy 234,370 LTC when the price drops 5 percent to hit $63. On the other hand, 230,490 LTC traders have set selling orders if the price rises by 5 percent to reach $69.

Read More: Litecoin’s Battle at $70: Why It Failed and What’s Next

Litecoin has just undergone a successful halving. This event takes place every four years and sees the reward given to miners slashed in half. Interestingly, the LTC halving comes a year before the Bitcoin halving. Historically a bullish event, the altcoin enjoyed bullish momentum leading up to the event which took place on August 02 but the altcoin has struggled to maintain the bullish momentum since then. However, its fundamentals have only gotten stronger. Litecoin hash rate still going up after halving.

Litecoin hash rate still going up after halving. 🔥 pic.twitter.com/fIzgoR6M9B

— David Schwartz (aka – Dasch) (@DaddyCool1991) October 3, 2023

In a few days, the project is set to celebrate its birthday. Litecoin’s genesis block was mined on the 8th of October 2011 by Charlie Lee. After 12 years of seamless operation, the community has much to celebrate and the upcoming event could offer a bullish sentiment and outlook for the community. According to experts, the event offers a unique opportunity to get back to $70.

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