Litecoin Price Nears 600% Returns, But Beware of the Potential 73% Pre-Halving Plummet | ELEVENEWS
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Litecoin Price Nears 600% Returns, But Beware of the Potential 73% Pre-Halving Plummet

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Litecoin Price Nears 600% Returns, But Beware of the Potential 73% Pre-Halving Plummet

Throughout most of 2019, Litecoin – the cryptocurrency forked from Bitcoin’s codebase by former Google programmer Charlie Lee – has led the entire crypto space out of the depths of the longest bear market on record. Much of the bullish sentiment surrounding Litecoin price is being driven by pre-halving speculation. Profit-hungry crypto investors have been buying up Litecoin ahead of a potential price increase.

But with Litecoin’s halving less than 60 days away, and with the asset nearing 600% returns for investors who boldly took a risk and bought the bottom back in December in anticipation of the pre-halving pump, the rally may soon be running out of steam. One crypto analyst believes that Litecoin price still has room to climb, but has issued an ominous warning that a potential 73% drop could be ahead in the coming days.

Crypto Trader Expects LTC/BTC Ratio to Hit 0.034 In Pre-Halving Spike

Litecoin often leads the crypto market. And ahead of its halving, most of the crypto community has considered the silver to Bitcoin’s digital gold to be a “no brainer” of an investment.

Each halving reduces the block reward miners receive for validating the blockchain. Come this August, the amount of LTC miners receive will be reduced from 25 LTC – approximately $3,475 at current prices – to 12.5 LTC, also reducing the USD equivalent value miners receive for the same amount of effort.

The abrupt shift in the balance of supply and demand, investors believe, creates an increase in price that often gets front run.

That front-running has helped take the price of Litecoin from a bear market low of near $20 to a 600% return as the price nears $140 in the LTC/USD trading pair.

In the LTC/BTC pair, one prominent crypto analyst believes a massive, multi-month cup and handle formation will take the ratio to a target of 0.34 once the formation confirms. If Bitcoin price stays around $8,000, this would bring Litecoin price to roughly $270. If Bitcoin is to climb higher alongside Litecoin while it surges even higher on the ratio, Litecoin could potentially paint new all-time highs in USD value.

10 Days Left of Litecoin Price Pump, Secure Profits Ahead of 73% Drop

If the halving truly was already front run as many crypto investors believe, risk increases by the day that the earliest buyers will begin securing profits, which will stop the rally dead in its tracks and cause a powerful correction.

The same crypto analyst that has lofty price targets for LTC/USD and LTC/BTC and has been accurate in his predictions thus far, believes there are only 10 days left in the rally before the tides sharply turn.

According to the last Litecoin halving back in 2015, the final days leading up to the halving caused Litecoin to absolutely moon, doubling in value relative to Bitcoin. Immediately after buyers began taking profits, Litecoin price fell 73%, as early investors dumped on those FOMOing in too late.

That dump occurred 45 days ahead of Litecoin’s last halving. The next halving is in less than 55 days. When will you secure Litecoin pre-halving profits? Or will you be left holding a bag?

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Litecoin

Litecoin (LTC/USD) forecast and analysis on June 26, 2019

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Cryptocurrency Litecoin (LTC/USD) is trading at 135.15. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bullish trend on Litecoin. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator.

Litecoin (LTC/USD) forecast and analysis on June 26, 2019

As part of the Litecoin course forecast, a test level of 132.50 is expected. Where can we expect an attempt to continue the growth of LTC/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 152.10. The conservative area for buying of Litecoin is located near the lower border of the Bollinger Bands indicator strip at the level of 130.20.

Litecoin (LTC/USD) forecast and analysis on June 26, 2019

Cancellation of the option to continue the growth of the Litecoin exchange rate will be a breakdown of the lower limit of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing quotes pair below 128.50. This will indicate a change in the current trend in favor of the bearish for LTC/USD. In case of a breakdown of the upper border of the Bollinger Bands indicator bars, one should expect an acceleration of the fall of the cryptocurrency.

Litecoin (LTC/USD) forecast and analysis on June 26, 2019 implies a test level of 132.50. Further growth is expected to continue to the area above the level of 152.10. The conservative area for buying Litecoin is located area of 130.20. The cancellation of the cryptocurrency growth option will be the breakdown of the level of 128.50. In this case, we should expect the continuation of the fall.

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Litecoin (LTC/USD) forecast and analysis on June 25, 2019

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Cryptocurrency Litecoin (LTC/USD) is trading at 134.08. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bullish trend on Litecoin. At the moment, cryptocurrency quotes are moving near the lower border of the Bollinger Bands indicator bands.

Litecoin (LTC/USD) forecast and analysis on June 25, 2019

As part of the Litecoin course forecast, a test level of 130.50 is expected. Where can we expect an attempt to continue the growth of LTC/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 148.20. The conservative area for buying of Litecoin is located near the lower border of the Bollinger Bands indicator strip at level 129.50.

Litecoin (LTC/USD) forecast and analysis on June 25, 2019

Cancellation of the option to continue the growth of the Litecoin exchange rate will be a breakdown of the lower limit of the Bollinger Bands indicator. As well as a moving average with a period of 55 and closing quotes pair below the area of ​​128.20. This will indicate a change in the current trend in favor of the bearish for LTC/USD. In case of a breakdown of the upper border of the Bollinger Bands indicator bars, one should expect an acceleration of the fall of the cryptocurrency.

Litecoin (LTC/USD) forecast and analysis on June 25, 2019 implies a test level of 130.50. Further growth is expected to continue to the area above the level of 148.20. The conservative area for buying Litecoin is located area of 129.50. The cancellation of the cryptocurrency growth option will be the breakdown of the level of 128.20. In this case, we should expect the continuation of the fall.

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Litecoin

LTC/USD bulls are struggling to break down $500

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LTC/USD bulls are struggling to break down $500

  • Litecoin price on Monday late in the second half of the session is trading in negative territory down some 1.25%.
  • LTC/USD bullish pennant pattern can be viewed via the daily chart. 
  • A wave of selling pressure was seen in the session on Sunday, after a key near-term ascending trend line break. 

Spot rate:                 

Relative change:      -0.25%

High:                        136.88

Low:                         133.42

LTC/USD 60-minute chart

  • The 60-minute chart view shows the price consolidating within a bearish pennant. The price may be exposed to some further downside before another push north. 

LTC/USD daily chart

  • Price action is moving within a bullish penannt structure, subject to a potential breakout. 

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