Key Takeaways:
- Ethereum Classic gained around 10% in June, while Litecoin only managed to gain 4% in the same timeframe.
- Both Ethereum Classic and Litecoin have been stuck within a range, unable to provide a significant break out despite multiple attempts and broader market bullishness, which doesn’t bode well for the short term.
- However, Litecoin holds some potential, with the Litecoin halving event coming up in just over a month from now, in the early days of August 2023.
Ethereum Classic Gains 10% in June: ETC Bulls Nowhere to be Found
ETC/USD | Source: TradingView
- Ethereum Classic price, unlike its predecessor, Ethereum, has had a very muted 2023 so far. While Ethereum, the altcoin king, has managed to show a solid 60% rally this year, while Ethereum classic has only shown about 24%.
- Even in the month of June 2023, Ethereum Classic saw a major drop in price in the early days of the month before quickly recovering all the losses to now nearly ending the month at its highest point in the past almost 60 days.
- ETC price is up about 10% in June and about 35% up from its lows this month, going from sub $15 levels to now just shy of $20.
- From current levels, Ethereum Classic still has a long way to show any kind of strong bullish upside in the rest of 2023 as it is still stuck within the six-month-old consolidation zone, roughly between $17 to $23 (marked in grey).
- Only a convincing breakout beyond the $23 mark would bring about some revival in the bullish spirit in the market for this altcoin.
Additional Read: Ethereum Classic Price Prediction
Litecoin Price Gains a Paltry 4% in June: When Will the Halving Fever Kick in?
LTC/USD | Source: TradingView
- The silver to Bitcoin’s gold – Litecoin, too hasn’t had too great a year in 2023, having gained only about 36% since the beginning of this year and a measly 4% in June 2023.
- Pretty much like Ethereum Classic above, Litecoin price too has been trading somewhat within a range and hasn’t been able to breach past a certain level over the past six months of 2023!
- Thrice in the past, LTC tried to break out from the $100 level – which serves as a psychological resistance as well as the bottom of a consolidation zone between $100 and $140 (marked in grey).
- LTC price is currently trading at $95, which is just under the $100 level, and it is yet to be seen if it is able to provide a reasonable breakout from there and sustain above it. If not, things can be expected to continue in a similar fashion for the rest of 2023 too.
- However, with the Litecoin Halving event a little over a month away from now, we can expect to see some kind of bullishness returning to the token, as the halving event would practically make the token more scarce and thus could increase its demand.
- For a long-term return of the bullish momentum in this token, the LTC price will need to break out from the $140 level convincingly and sustain above it. Only then can we see more LTC bulls returning to this space.
Read On: Litecoin Price Prediction
Ethereum Classic & Litecoin: Strong Recovery Candidates
Despite the fact that both Ethereum Classic and Litecoin have had below-average performance in the past six months of 2023 – there’s no reason to lose hope. These are coins with solid fundamentals and strong community backing, and thus, these technically aren’t too bad coins to invest in. However, the timing and value at which one enters the position become more important as that gives the investor a better chance of turning a profit.
Additionally, if we see a breakout beyond $23 for Ethereum Classic and beyond $140 for Litecoin, we could be in for some serious pullback rally soon after!
Values as on June 30, 2023.
Read More: Litecoin vs Ethereum
