Litecoin (LTC) price has disappointed the holders who were expecting a bull run after the recent halving event. The price action has reversed due to the ongoing slump in crypto markets. LTC price plunged to $56 yesterday, and BTC price broke below $25,000 on some exchanges.
After a 13.13% drop on Thursday, Litecoin entered into a consolidation on Friday. At press time, the proof-of-work cryptocurrency is changing hands at $64.50 after sliding another 0.68% during today’s session. On a weekly timeframe, this translates into a 21.52% loss this week.
Why Didn’t LTC Price Pump On Halving?
The answer to this question might be hard to digest. Firstly, LTC lost its status as digital silver many years ago. There hasn’t been any exciting development surrounding the project in the past couple of years. This month’s halving event generated a lot of hype right from the start of this year.
However, the much-anticipated event turned out to be a perfect example of a sell-the-news scenario. In hindsight, it seems that many short-term traders bought the coin in the past couple of months just to unload their bags at a higher price after halving. This pumped the Litecoin price to an overbought level even before August’s halving.
Litecoin Price Breaks Bullish Market Structure
As evident from the following LTC price chart, it has printed a lower low on a daily timeframe. This means a break of the bullish market structure, which started back in June 2022. The last hope for the bulls is the weekly support level of $64.50.
A weekly closure below the $64.50 level would make Litecoin price prediction extremely bearish, making a lower low on the weekly chart. This makes the upcoming weekly candle closure very critical for Litecoin holders. Another factor affecting the price action would be a lower low by Bitcoin.
In the meantime, I’ll keep sharing updated Litecoin analysis and my personal trades on my Twitter, where you are welcome to follow me.
