As Litecoin's halving approaches, will LTC's price surge, correct, or consolidate?

It went through a 73 percent correction that took it down to $2.40 one day before the halving actually occurred.

Similar to 2015, six months ago Litecoin went through an exponential upswing that took it up 552 percent.

44 days before the halving, LTC reached a high of $147 and then plunged 49 percent.

Based on the Fibonacci retracement indicator LTC has been consolidating over the last two weeks between the 38.2 and 50 percent Fibonacci retracement area.

Such a correction will take LTC to the 61.8 percent Fibonacci retracement zone, which is seen by many traders as the 'golden' retracement area.

In the meantime, Litecoin could be on its way to retest the 38.2 percent Fibonacci retracement area, considering that a descending triangle is forming on the 1-day chart.

If the buying pressure accelerates in the upcoming days as Litecoin reaches the target given by the descending triangle, it could try to test the 38.2 percent Fibonacci retracement area.

This level could be expected to act as a strong barrier containing the price of LTC from a higher push, taking it back down to the 50 or 61.8 percent Fibonacci retracement point.

As a result, the 38.2 and 50 percent Fibonacci retracement area, where Litecoin has been trading for over the last two weeks, is significant to its price.

It remains to be seen if Litecoin is able to break above or below the 38.2 and 50 percent Fibonacci retracement zone, which will confirm the direction of the trend.