LTC Bulls Eye the Sunday High of $116 to Bring $120 into View

On Sunday, Litecoin (LTC) gained 6.02%. LTC concluded the week up 28.70% at $113.62, reversing a Saturday decline of 1.39%. For the second time since April 2022, LTC avoided trading below $100.

LTC experienced a negative start to the day, dropping to a low of $105.18 in the morning. First Major Support Level (S1) at $102.5 was avoided, and LTC increased to a high of $116.05. Prior to easing back to around $110, Litecoin broke above the First Major Resistance Level (R1) at $112. But Litecoin managed to retake R1 and finish the day at $113.62.

A bullish Sunday session was delivered by the Litecoin Halving Event

LTC solidified Friday's breakout with the 6.02% rise on Sunday after re-entering the crypto map on Friday.

Investor attention is still centered on the upcoming August 2 at 1701 GMT Litecoin Halving Event. On August 5, 2019, the prior having date occurred.

As was the case before to the second halving event in 2019, investors anticipate a bullish run leading up to the halves event. LTC rose to a peak of $160.62 in June of this year before profit-taking prompted a decline prior to the event's halving. In contrast to this year, Litecoin had a winning streak of six months up until June 2019, reaching a high of $160.62 in that month.

The pre-Halving Event surge may have been delayed by SEC regulation by enforcement, but the bulls are still in control with fewer than 30 days left.

There were no crypto-related events that could have changed investor perception or halted the LTC surge at $120.

The Coming Day

Monday is a busy day since later today, US economic statistics are expected to generate attention. Although the June ISM Manufacturing PMI figures will have an impact on market risk sentiment, LTC could not react strongly to poor figures.

After its advances last week, LTC may gather pace. Investors should keep an eye on SEC talk and regulatory activity, meanwhile, as they could affect a Monday breakout.