Litecoin price remains asleep despite oncoming halving, narrative shifts toward other altcoins
|- Litecoin price is down 10% in the last day, losing critical support at $98.71 despite a booming altcoin market.
- The drop-down has seen LTC miss out on the XRP-infused rally across the market when altcoins managed to rake in gains as high as 20%.
- It is concerning, considering the Altcoin’s halving even is barely three weeks away.
Litecoin (LTC) price trades with a bearing inclination, recording lower lows amid waning momentum. Surprisingly, the token has a bullish event on the calendar, closing in fast but remains on a downtrend anyway. The defiance has seen LTC miss out on the recent boom crypto markets enjoyed following Ripple (XRP) partial victory against the US SEC.
Also Read: Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Weekend price swings to kick in
Litecoin price shows defiance
Litecoin (LTC) price is on a downtrend, losing 10% in the last day. This move has seen LTC lose critical support at $98.71, flipping it back to resistance. The movement is similar to its peer, Bitcoin Cash (BCH), another Bitcoin (BTC) crypto fork.
The Litecoin halving is barely three weeks away, slated for August 2, 2023. The event will see the block rewards given to miners when they validate transactions slashed by 50%, from 12.5 LTC to 6.25 LTC. It helps reduce the token supply of new LTC coming into the market, thus a driver for price increases.
#LITECOIN HALVING IN 20 DAYS TIME
— Crypto Tony (@CryptoTony__) July 13, 2023
Can Litecoin finally move and do something bullish ... I have bills to pay pic.twitter.com/jlF0nMZnJe
#LITECOIN HALVING IN 20 DAYS TIME
— Crypto Tony (@CryptoTony__) July 13, 2023
Can Litecoin finally move and do something bullish ... I have bills to pay pic.twitter.com/jlF0nMZnJe
Based on the recent price action for the altcoin, experts say it is more challenging to predict its reaction toward the event. While it is expected to increase its value by reducing supply, sleuths argue that the halving may inspire a short-term sell-off in LTC. Among the reasons for the sell-off is the provocation among miners to sell their tokens to cover their mining costs.
I feel like Litecoin’s PA is slow to respond to the halving this year, previous halvings $LTC has proper pumped by now…
— TheCryptoJourno ♂️ (@ZacharyColbert) July 14, 2023
I feel like Litecoin’s PA is slow to respond to the halving this year, previous halvings $LTC has proper pumped by now…
— TheCryptoJourno ♂️ (@ZacharyColbert) July 14, 2023
After a decisive loss of the $98.71 support level, the odds favor the downside, with the Relative Strength Index (RSI) suggesting falling momentum. Based on CoinMarketCap data, the 24-hour trading volume for LTC is down 20% to show a reduced interest for the altcoin in the meantime.
LTC/USDT 1-Day Chart
Meanwhile, the narrative has shifted to other altcoins, particularly the ones bearing the SEC’s security label. Following the Ripple Labs victory, the court determined that selling altcoins via exchanges makes them commodities, but selling them to institutional players makes them a security. This vindicates the US-based cryotocurrency exchange, Coinbase, to a huge extent.
Specifically, the focus is now on Solana (SOL), Cardano (ADA), and Polygon (MATIC). Based on a recent report, Solana has just recorded an impressive milestone, with its total value locked (TVL) hitting a yearly high of $1.1 billion.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.