As Litecoin Halving Nears, Analysts Fear Bearish LTC Scenario Unfolding

Halving events for cryptocurrencies are commonly referred to as catalysts that typically spark bull movements due to the fundamental strength they contribute to individual cryptocurrencies. Litecoin (LTC) is currently under two days away from its halving event, which has been widely viewed as a bullish event.

Despite this, analysts are noting that Litecoin investors may be gravely disappointed by the cryptos price action in the coming days and weeks, as it has previously faced significant selling pressure following its halving event.

Litecoin Drops as Halving Hype Fades

At the time of writing, Litecoin is trading down just under 1% at its current price of $95.20 and is down slightly from daily highs of over $97.

While zooming out and looking at Litecoins price action over a longer time frame, it is clear that the cryptocurrency is not being bolstered by the imminent halving, as it is currently down from its late-June highs of over $140.

Josh Rager, a popular crypto analyst, recently explained that he believes Litecoins price action looks significantly less bullish than other cryptocurrencies, including Chainlink.

Comparing $LTC and $LINK for someone & thought Id share. There are huge fans of both but right now $LINK is clearly the asset to be in even with the LTC halving upon us. LTC has been in a clear downtrend & unable to hold its own again BTC while LINK has responded well at support, he noted.

Halving May Result in Multi-Month LTC Downtrend

Another possibility that could scare LTC investors who are banking on a post-halving price surge is that it will actually result in a medium-term downtrend.

Tadleer, another popular crypto analyst on Twitter, mused this possibility in a tweet, pointing to a chart that shows that during the last halving, Litecoin surged before the event before facing a post-event sell-off.

$ltc halvening is coming up, will history repeat itself? He explained while referencing the below chart.

As the halving draws closer, it is highly probable that analysts and investors alike will soon discover whether or not the event will truly be a bullish catalyst, or if the hype will fade and leave a trail of bag holders in its wake.

Featured image from Shutterstock.

The post As Litecoin Halving Nears, Analysts Fear Bearish LTC Scenario Unfolding appeared first on NewsBTC.

03.08.2019 / 15:00 53
Litecoin Halving Grows Near, But Will LTCs Price Respond Bullishly? Litecoin Halving Grows Near, But Will
Bitcoin has been incurring massive volatility as of late that has sent the aggregated crypto markets on a wild ride, with cryptocurrencies like
Less Than a Month to Litecoin Halving, Can LTC Push Higher? Less Than a Month to Litecoin Halving,
Crypto markets have spent most of the weekend in consolidation as Bitcoin takes a breather. Eyes are starting to turn to Litecoin once again as the
Litecoin Price Analysis: LTC Tightens Up as Halving Approaches Litecoin Price Analysis: LTC Tightens
As the Litecoin halving event approaches traders are keeping a close eye on the altcoins price action within a narrowing symmetrical triangle.
Litecoin Closing on BCH as Halving FOMO Pumps LTC Litecoin Closing on BCH as Halving FOMO
There has been very little action for the majority of cryptocurrencies over the past day or two. Bitcoins consolidation has left the rest of the
Litecoin Price Analysis: How High Will Halving Hype Push LTC? Litecoin Price Analysis: How High Will
In approximately 179 days, Litecoin (LTC) will undergo a block-reward halving cutting the coin reward for miners from 25 to 12.5 coins. With
Analyst: Upcoming Litecoin Halving Could Ultimately Send LTC Surging Analyst: Upcoming Litecoin Halving
As the cryptocurrency markets continue to be battered by frequent bouts of volatility and face growing downwards pressure from bears, investors are
Comments (0)
Add a comment
Comment on