LTC/USD was sold off yesterday after Litecoin’s co-founder Charlie Lee made a prediction that the halving process which is scheduled to occur in August 2019 would cause the crypto’s prices to crash and put miners out of business. Litecoin prices fell 14.5% on this statement.
LTC/USD is struggling to hold on to its critical support level, which is presently located at $100. The weekly chart shows that the bears have been able to push prices to test the ascending support trendline which connects the price lows of 2019. So far, this support trendline is holding firm, but for how long?
If the support trendline is broken to the downside by a 3% penetration or by a double candle close, this will open the door for LTC/USD to retest the $93.24 price level. This is a price level where LTC/USD had found resistance in August 2017, July 2018, April 2019 and June 2019. Below this level, we also have a support level at $84.78, and if price continues to push south below $93.24, this could be a possible downside target.
If the bears are unable to break the support trendline, then LTC/USD may resume its slow grind upwards to the $115.16 resistance.Don’t miss a beat! Follow us on Twitter.