Litecoin Halving Event: Top Reasons Why LTC Price Is Poised To Drop Heavily

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The Litecoin (LTC) market suddenly turned bearish over the weekend after enjoying a bullish outlook in the past two weeks. Notably, the Litecoin weekly bar closed on Sunday below the 200 Moving Average (MA) and a crucial support/resistance level of around $100.

Trading around $93.2 on Monday during the early London market, the Litecoin market still enjoyed a high trading volume of about $577.69 million compared to most altcoins. With more than 9.5 million holders and a hash rate of about 778.84 (TH/s), the Litecoin market is undeniably bullish in the long term.

Litecoin Price Analysis

2) The Halving is around the corner (date is ~August 2nd).

As much as this has been hyped up as a bullish event, that isn’t necessarily what happened in the past. Let’s take a look at what happened after the last halving (8/5/19).

It was a sell the news event. Price nuked. pic.twitter.com/rq5RDZiiD1

— K A L E O (@CryptoKaleo) July 10, 2023

According to a popular crypto analyst with more than 593k followers on Twitter, Kaleo (@CryptoKaleo) there are more reasons to short Litecoin market at current levels than before. At the top reason, Kaleo thinks Litecoin macro price was rejected at a falling logarithmic resistance and now faces more bearish pressure. While comparing the recent rejection to the 2021 price action, Kaleo noted that Litecoin has a high chance of creating a new low.

In the short-term perspective, Kaleo highlighted that Litecoin price has been bleeding against Bitcoin and the hourly support level in the USD derivative cannot be relied upon.

Sell the News Event

With Litecoin’s third halving event, which is expected in 23 days from Monday, significantly hyped for a bullish outlook, Kaleo expects the underlying value to drop like in prior events.

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