The markets appear to be preparing for the upcoming Litecoin halving event as the popular tokens are attempting very hard to settle out a bullish close for the week. The value of the majority of the cryptos, like Bitcoin, Ethereum, XRP, etc., and many more, has been sustaining firmly above their repetitive support levels despite the bearish venture to drag the levels lower in the past few days. Hence, a positive response is awaited from the markets post the event with prices securing the interim resistance levels.
Meanwhile, Litecoin’s price continues to hover within a pre-defined range, failing to either trigger a bullish upswing or a bearish breakdown. Hence, raising the possibility of the price remaining less impacted by the halving event. Besides, data from a popular on-chain platform, Santiment, suggests more traders have jumped in and hence the buying pressure may soon rise in the coming days coupled with the halving event.
As per the data, 1,185 addresses have been added up, each of which has at least 100 LTC, for a total of around 36.6K wallets. Therefore, now that the event carries some chance of a bullish breakout, the trader’s enthusiasm has been rising significantly. Recently, the platform has also shared crowd calls, which suggest market sentiments. According to this, presently, there are high bull market calls, which may cause a huge spike in the value of the token. However, soon after the spike, the prices are feared to drop.
Interestingly, the bear market calls are also surging, which may propel the prices pretty high in the coming days. Therefore, the market conditions continue to remain uncertain as the trader’s sentiments have aligned in both directions. Hence, the Litecoin price has some potential to rise post the halving but may not hold above the gains for long.
Source: https://coinpedia.org/price-analysis/traders-become-optimistic-ahead-of-litecoin-halving-heres-what-can-be-expected/