Litecoin Prediction: LTC Will Fly Down Before Halving
Date: 2023-07-13 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
Litecoin tried to make a bullish break above the key resistance at $115, but failed: at the time of writing, the asset is trading below $100.
Over the past two weeks, the dynamics of Litecoin inspired traders with optimism, but over the weekend the situation changed dramatically. The weekly candlestick closed below the all-important $100 level, which has repeatedly acted as both support and resistance, and coincided with the 200-day moving average (MA), signaling a shift in market sentiment for LTC.
Analysts give a bearish forecast for Litecoin
Despite the fact that the LTC market opened at $93.2 on Monday, the trading volume remained quite high - about $600 million, which exceeds the performance of most altcoins. Litecoin's long-term potential is underpinned by an extensive user base of over 9.5 million people and a high hashrate of around 778.84 terahash/sec.
However, the well-known crypto analyst CryptoKaleo, who is read on Twitter by more than 593 thousand users, gave a number of convincing arguments in favor of short positions on Litecoin. He noted that the asset failed to break through the long-term downward resistance line, which indicates increased selling pressure.
CryptoKaleo also recalled that LTC usually reached a local peak 2-3 weeks before the halving, and drew attention to the fact that the price of the token is steadily declining compared to Bitcoin (BTC).
There are 3 weeks left before the LTC halving
Litecoin halving occurs every 840,000 blocks - thus, the next "division in two" will fall on block number 2,520,000, which will be mined on August 2. After the halving, the miners' reward for the mined block will be reduced from 12.5 LTC to 6.25 LTC.
There is a lot of speculation associated with the possible impact of halving on the price of an asset, but CryptoKaleo believes that history will repeat itself this time, and Litecoin is waiting not for explosive growth, but for a large-scale correction.
