Litecoin price analysis: LTC/USD keeps faltering post-halving
- LTC/USD halved on Tuesday, August 6.
- LTC/USD has only had bearish days post-halving.
LTC/USD went through its block halving on Tuesday, August 6, wherein the block rewards to miners got halved from 25 LTC to 12.5 LTC. While the event was expected to push its price up, Litecoin had had two heavily bearish days in a row. During the two days post-halving, the price of LTC/USD fell from $96.45 to $90.60. Currently, it is trading for $90.85.
LTC/USD daily price chart
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The daily price chart is trending within the 20-day Bollinger band, whose jaw has narrowed, indicating decreasing market volatility. The price is trending below the 20-day simple moving average (SMA 20) and SMA 50 curves, while it is above the SMA 200 curve. The moving average convergence/divergence (MACD) indicator shows decreasing bullish momentum. The Elliot oscillator has had two bullish sessions and the relative strength index (RSI) indicator is trending around 45.30.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
