Litecoin (LTC) experienced exponential growth earlier this year. Prior to mid-June, Litecoin was the best performing coin in 2019, growing more than 170% in less than 90 days and peaking at around $145.
However, after a couple of substantial falls toward the end of June and into early July, LTC has now dropped close to yearly lows.
Unfortunately, Litecoin has suffered yet more downward momentum in August, dropping from close to $100 at the start of the month to a low of $70 earlier this week.
LTC is currently trading at just above $72 after falling about 2% from $75 over the past week. Price has now also fallen below a key support level at $77.
Let’s take a look at the chart.
Litecoin has dropped below all its EMAs and price currently seems to be in free fall. Due to the volatility in the Bitcoin market, I argue it’s going to be hard for Litecoin to overcome its losses over the next two weeks.
In terms of news, Litecoin’s third halving took place a few weeks ago. Those that are overly bullish on Litecoin have to look no further than the previous halving to justify their positions. What usually happens is a massive bull run in the months that follow halving events.
However, the reality is that the halving may have been a ‘buy the rumour, sell the news’ type of event, with seasoned traders taking profits weeks before the event took place.
Price-wise, I expect LTC to consolidate a bit further before pumping over the $120-130 levels again towards the end of Q3 2019.
About Litecoin
Litecoin was released in October 2011 by Charlie Lee, a former Google employee. It was a fork of Bitcoin with the main difference being a smaller block generation time, increased maximum number of coins, and a different script-based algorithm.
Litecoin is one of the leading cryptocurrencies and is one of the top 10 cryptocurrencies by market capitalisation.
More Litecoin news and information
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.