- The potential of Litecoin to retest new highs was analyzed by analyst, Michaël van de Poppe.
- The analysis also extends to Ethereum following the breakout of DeFi and NFTs.
While Litecoin (LTC) halving has grabbed headlines, renowned analyst Michaël van de Poppe has predicted that both Litecoin and Ethereum (ETH) are on the verge of igniting breakout rallies, setting the stage for potentially substantial price increases.
In a report, Van de Poppe expressed the belief that Litecoin’s halving narrative could propel the peer-to-peer payments network to a level last witnessed in December 2021. His statement indicates his belief that Litecoin has the potential to revisit or even surpass this level.
According to the update, the analyst predicted that the halving event will occur in August, and drive the price of Litecoin to new heights, with targets ranging from $100 to $180 per LTC. Meanwhile, LTC is currently trading at $93.39, with a slight decrease in the last 24 hours.
The analyst’s proposed timeline aligns with the four-year cycle of Litecoin’s halvings. Historically, these events have generated increased attention and investor interest, leading to subsequent price rallies.
Van de Poppe’s optimism may have been fueled by the belief that the reduced supply, coupled with increased demand, will create a scarcity that could drive up prices in the market. Also, the halving event often generates increased media attention and investor interest, leading to broader acceptance.
Notably, Litecoin has emerged as one of the market’s most prominent cryptocurrencies. Known for its quick transaction speeds and cheaper fees when compared to Bitcoin, Litecoin has a large following and is seen as a trustworthy alternative to its more well-known rival.
Overall, Van de Poppe’s optimistic view on Litecoin’s halving narrative aligns with the positive sentiment surrounding the event. If history is any indication, Litecoin could witness a price surge following its halving.
Besides Litecoin, Here are the Prospects for Ethereum
In addition, Ethereum has been steadily making waves in the crypto ecosystem. Van de Poppe also suggests that Ethereum has the opportunity to surpass its immediate resistance level, provided it maintains a trading price above $1,800.
Furthermore, the analyst highlighted that Ethereum has the potential to accelerate toward $2,800 if it surpasses the resistance level of around $1,903 and maintains a price above $1,800. Meanwhile, Ethereum is currently trading at $1,806.02, atop a 1.98% decrease over the past 24 hours.
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Ethereum, the second-largest crypto by market capitalization, has been gaining momentum due to its continued growth in Decentralized Finance (DeFi) and the rise of Non-Fungible Tokens (NFTs).
The Ethereum blockchain’s ability to support smart contracts and DApps has attracted developers and users, propelling its ecosystem and market capitalization. With ongoing upgrades like Ethereum 2.0, addressing scalability concerns and enhancing performance, Ethereum’s breakout potential seems promising.
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