Litecoin Is Holding On To The $80 Price Zone To Regain Momentum

Key Points:

• Litecoin’s halving triggered a roller-coaster ride, with initial gains fading into a 6.6% drop on August 2.
• Despite stable hash rates, LTC price slid by 0.33%, marking a 13.77% decrease in 30 days to $83.11.
• Amid challenges and falling support, slight growth hints emerged.

Litecoin (LTC) witnessed a turbulent period following its halving event on August 2, which reduced the block reward to 6.25 LTC from 12.5 LTC.

Initially, Litecoin’s value surged by nearly 2% on August 1, but quickly turned sour as it suffered a 6.6% drop on August 2, leaving the cryptocurrency to consolidate losses above $80.

Despite the anticipation surrounding the halving, on-chain data a week later showed the network’s hash rate to be stable yet unpredictable. This inconsistency added to the uncertainty surrounding LTC’s future.

Over the past 24 hours, LTC price slipped by 0.33%, extending its decline to 13.77% in the last 30 days, hitting $83.11.

The post-halving period has not proven as bullish as expected, as LTC’s lackluster performance seems indicative of a ‘sell the news’ scenario, common in the crypto market.

The coin’s struggles could potentially lead to further declines before any substantial recovery, though subtle growth signals offer a glimmer of hope for the future.

The coin’s current situation showcases the 78.6% Fibonacci level consolidation, possibly motivating the bulls to await a market improvement for a potential price surge.

It’s crucial to note that the altcoin’s support level has experienced a consistent decline since mid-July, although it appears to have stabilized lately. Nonetheless, caution remains advised, as the possibility of additional dips in the coming days cannot be ruled out.

In summary, Litecoin’s post-halving journey has been tumultuous, marked by price volatility and disappointing market response. The coin’s resilience, coupled with minor growth indicators, holds promise for a potential recovery down the line.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.