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?
— Oliver Knight (@KnightCoinRivet) 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.
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
If you want to find out more information about Litecoin or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started:
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.