Here are the latest LTC technical analysis updates:
Buy LTC at a new support level in August
- From the beginning of 2023 until now, LTC has encountered three significant price levels that have acted as resistance or support. These levels are $100, $75, and $50, respectively. Together, they form a price range for the medium term. If LTC drops below $100, the next support level for this quarter will be $75.
- The $75 price zone is supported by numerous technical signals. It aligns with both the lower trendline of the parallel channel (purple) and the 0.382 Fibonacci level. It is highly probable that buying power will strengthen significantly at this point.
The price drop after the Halving has been predicted many times before. The reason for this is that once the news is over, the incentive to wait diminishes. The impact of the halving needs to be measured in the long term, rather than just succumbing to short-term FOMOs.
Analyzing Past Price Movements After Litecoin Halving
The Litecoin Halving event officially occurred at 10 pm last night. As a result, the block reward for LTC miners will now be reduced from 12.5 LTC to 6.25 LTC. Irrespective of its price, this event represents a significant milestone for the leading and well-established network in the market.
Coinciding with the halving event, unfortunate news emerged. Kucoin released a notice stating the cessation of Bitcoin (BTC) and Litecoin (LTC) mining pools. Many individuals believe that this news contributed to the lack of a sharp increase in LTC’s price.
Nevertheless, if we examine the historical volatility, LTC has never experienced a substantial surge following a halving. The price tends to exhibit a pattern of increasing prior to the halving, reaching a peak, and subsequently declining. Moreover, after multiple halving events, investors have grasped the pricing impact and patterns, resulting in reduced expectations and FOMO compared to previous instances.