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Litecoin’s Post-Halving Dumping Worsens, What Went Wrong With LTC?

Litecoin halving was anticipated for so long as traders expected it to push LTC price. Sadly, this did not happen and LTC price is on a downward spiral. This move follows the rejection from the price levels slightly above the $100 area (immediately after LTC’s 2019 halving event). Why is history not repeating following this years’ halving event for LTC?

Litecoin (LTC) Price Today – LTC / USD

NamePrice
Litecoin$74.121.68%

Litecoin Price Was Expected to Double Post Halving

The miner reward split as a rule in the Litecoin Blockchain code must occur after every four years. Hence, analysts have concluded that, if history is anything to go by, then we should expect the price of Litecoin to double post the halving event.

However, this doesn’t seem to be the case because several weeks after the network’s block reward halving, Litecoin is dumping in value instead of going higher. It is difficult to understand how the dynamics of halving events work. Hence, we have to stick to what we know and follow the coin’s price analysis on the charts.

The Technical Picture of Litecoin Price

From the LTC/USD charts, we can see that there are multiple support positions that have let the bulls down for LTC. Take an example, if the Litecoin price sustained gains over the $100 mark in the early days of August, we would have seen a further breakout to the $120 area. Nevertheless, the retreat by LTC price into the $90 position left the price of the coin extremely vulnerable to dips.

For this reason, most sellers have decided to force Litecoin under the descending pattern. Consequently, the LTC bulls have opted to use their remaining energy to defend the coin’s $70 support area.

Moreover, the dips have begun to push the price of Litecoin near a falling wedge pattern breakout. These falling wedge patterns are typically interpreted as the reversal indicators. This is so whenever they happen during a downtrend such as the one that LTC is in at the moment. Litecoin is struggling to find its place above the $70 mark.

A Breakout over the Wedge Resistance to $100 Will Take LTC above the 50 MA

If there is a breakout above the current wedge resistance, we can expect the coin to launch an upward trajectory. This will ensure that it approaches the $100 price point. This should ensure that the bulls take over once again.

Additionally, the price of LTC is also likely going to find a price boost after it has stepped well above the 50 Moving Average. All the technical indicators have reacted in the bulls favor. Of course, this includes LTC/USD Relative Strength Index which is currently at the 40 position.

This along with the Moving MACD pattern (Average Convergence Divergence) for LTC (which is about to cross into the positive price position) also shows that the scenario will bring back the bulls for LTC.

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Litecoin News Today – Litecoin LTC Price Lost 8% in the last 24-hours, February 25, 2020

  • The price of Litecoin plummets by 8%
  • Litecoin LTC price remains bullish against the USD
  • Short-term upward movement for Litecoin LTC

Litecoin news today – The overall digital currency market has reportedly seen a sharp selloff at the opening on trade today. This selloff is primarily down to Bitcoin’s most recent rejection at the $10,000 area. This action sent the price of the number one asst reeling back to $9,500. Which in turn led the majority of altcoins including the price of Litecoin down. Altcoin’s saw some notable downside in the last 24-hours. Today’s digital currency market-wide bloodbath, might not be enough to give any validation to Litecoin’s bullish market movement. This is because the crypto is still trading well above its important near-term support position. This strong support has led one analyst to note that LTC’s mid-term outlook is “insanely” bullish, suggesting it could soon incur some notable upwards momentum.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
Litecoin$71.35-2.38%

Litecoin LTC Price Plummets by 8%

Litecoin News Today – As of when this content has published the price of LTC was trading downwards having lost 8% in the last 24-hours with a current price of $72.50. This move marks a significant drop for the coin from its daily high point of $80 that was set yesterday at the time that the price of Bitcoin began to rally to the $10,000 area. Something that failed to happen as the coin stayed at $9500. The firm rejection that Bitcoin price saw at $10,000, has now sparked a short-term market selloff which has sent shock waves, with multiple major digital coins plummeting well over 5%. Against Bitcoin (LTC/BTC) trading pair, the price of Litecoin has plummeted by 5% in the last 24-hours. According to a digital currency trader known as Bitcoin Jack, LTC’s current price trend in correlation to BTC comes from several bearish factors. These factors have been expressed by the coin in the last few days.

Litecoin LTC Remains Bullish Against the USD Regardless

LTC news today – Note that despite the overt bearish pressure indicated in Litecoin’s short-term market structure, the bulk of crypto analysts are of the view that the price of LTC could see some form of mid-term upward action against the USD. George, one well-respected crypto trader, explained that he purchased LTC recently and that the coin’s weekly close still looks insanely bullish. He also added that the coin’s price will remain on the bullish side as long as it can hold above the key support area at roughly $65. If the coin continues to move higher in the week ahead. Even though Litecoin’s overall market trend may appear dependent on the action of Bitcoin and what the aggregated market becomes, it will appear that LTC is set to see further short-term upward movement in the coming days.

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Litecoin (LTC/USD) forecast and analysis on February 25, 2020

Cryptocurrency Litecoin (LTC/USD) is trading at 76.72. 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 stripes.

Litecoin (LTC/USD) forecast and analysis on February 25, 2020

As part of the Litecoin course forecast, a test of the level of 75.10 is expected. Where should 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 84.10. The conservative Litecoin buying area is located near the lower border of the Bollinger Bands indicator strip at 70.00.

Litecoin (LTC/USD) forecast and analysis on February 25, 2020

Cancellation of the option to continue the growth of the Litecoin exchange rate will be a breakdown of the lower boundary of the Bollinger Bands indicator strip. As well as the moving average with a period of 55 and the closing of quotations of the pair below the area of ​​68.20. This will indicate a change in the current trend in favor of the bearish for LTC/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.

Litecoin (LTC/USD) forecast and analysis on February 25, 2020 implies a test level of 75.10. Further, growth is expected to continue to the area above the level of 84.10. The conservative buying area is located is near the area of ​​70.00. The cancellation of the cryptocurrency growth option will be the breakdown of the level of 68.20. In this case, we should expect continued fall.

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Litecoin Price Analysis: LTC/USD range-bound between $75 and $76

  • Litecoin price selling and buying pressure cancel out in the narrow range between $75 and $76.
  • Technical analysis reveals that sideways trading action could take precedence in the coming sessions.

Spot rate: $75.06

Relative change: -0.5445

Trend: Bearish

Volatility: Shrinking

LTC/USD daily chart

Litecoin price volatility is shrinking amid continued consolidation at $75. The upside is limited at the Bollinger Band middle curve while $80 remains the key resistance likely to keep $85 and $100 barriers at bay a while longer.

On the flip side, in spite of the selling pressure, LTC/USD has been able to sustain an uptrend above an ascending trendline. If the trendline support remains intact, Litecoin price could stay clear of the $60’s range, allowing the bulls to focus on higher levels towards $100.

LTC/USD 1-hour chart

Litecoin price seems to have settled in sideways trading in a narrow range between $75 and $76. The consolidation is occurring after a shallow recovery from the support of $72. LTC/USD is also trading within the confines of a short term descending channel. If the channel resistance is cleared, LTC could breakout above $80. However, if the pattern’s support is shuttered, a return to $66 support is possible. Meanwhile, most technical indicators including the MACD and the RSI point towards continued sideways action.

LTC/USD

OVERVIEW
Today last price74.9047
Today Daily Change-0.6957
Today Daily Change %-0.92
Today daily open75.6004
TRENDS
Daily SMA2075.8001
Daily SMA5064.6611
Daily SMA10054.674
Daily SMA20060.06
LEVELS
Previous Daily High79.9997
Previous Daily Low71.8101
Previous Weekly High80.6896
Previous Weekly Low66.0609
Previous Monthly High70.0854
Previous Monthly Low38.7677
Daily Fibonacci 38.2%74.9385
Daily Fibonacci 61.8%76.8713
Daily Pivot Point S171.6071
Daily Pivot Point S267.6139
Daily Pivot Point S363.4176
Daily Pivot Point R179.7967
Daily Pivot Point R283.9929
Daily Pivot Point R387.9862

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