Litecoin (LTC) has continued to play out its bearish pattern overnight, dropping in value by 5% after being rejected from the $70 level of resistance.
At the time of writing, LTC is trading at around $67.
The $70 level was used as support three times in April and four times more recently in August until a bearish break on August 28.
It now seems to have flipped into a level of resistance, similar to in September 2018 when a rejection eventually saw it fall all the way down to $21 within a matter of months.
The highly-anticipated Litecoin halving went well. Wasn't it supposed to hit all-time highs after block rewards got slashed?
It is now more than 50% down on its yearly high just six weeks ago.$LTC $LTCUSD $crypto pic.twitter.com/30JUPXZfcI
— Oliver Knight (@OKnightCrypto) September 3, 2019
The recent price action will certainly be disappointing to avid followers of the project, especially those who were tipping Litecoin to eclipse new all-time highs following the ‘halving’ event.
However, since block rewards for miners were slashed, Litecoin has actually tumbled significantly, dropping by more than 50% from its yearly high of $146 in June.
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.
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