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<p>The post <a rel="nofollow" href="https://coinpedia.org/altcoin/litecoin-halving-event-top-reasons-why-ltc-price-is-poised-to-drop-heavily/">Litecoin Halving Event: Top Reasons Why LTC Price Is Poised To Drop Heavily</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The Litecoin (LTC) market suddenly turned bearish over the weekend after enjoying a bullish outlook in the past two weeks. Notably, the Litecoin weekly bar closed on Sunday below the 200 Moving Average (MA) and a crucial support/resistance level of around $100. </p> 
<p>Trading around $93.2 on Monday during the early London market, the Litecoin market still enjoyed a high trading volume of about $577.69 million compared to most altcoins. With more than 9.5 million holders and a hash rate of about 778.84 (TH/s), the Litecoin market is undeniably bullish in the long term.</p> 
<h2 class="wp-block-heading" id="h-litecoin-price-analysis">Litecoin Price Analysis</h2> 
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   <p lang="en" dir="ltr">2) The Halving is around the corner (date is ~August 2nd).<br><br>As much as this has been hyped up as a bullish event, that isn’t necessarily what happened in the past. Let’s take a look at what happened after the last halving (8/5/19).<br><br>It was a sell the news event. Price nuked. <a href="https://t.co/rq5RDZiiD1">pic.twitter.com/rq5RDZiiD1</a></p>— K A L E O (@CryptoKaleo) <a href="https://twitter.com/CryptoKaleo/status/1678211318791254024?ref_src=twsrc%5Etfw">July 10, 2023</a>
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<p>According to a popular crypto analyst with more than 593k followers on Twitter, Kaleo (@CryptoKaleo) there are more reasons to short Litecoin market at current levels than before. At the top reason, Kaleo thinks Litecoin macro price was rejected at a falling logarithmic resistance and now faces more bearish pressure. While comparing the recent rejection to the 2021 price action, Kaleo noted that Litecoin has a high chance of creating a new low.</p> 
<p>In the short-term perspective, Kaleo highlighted that Litecoin price has been bleeding against Bitcoin and the hourly support level in the USD derivative cannot be relied upon.</p> 
<h3 class="wp-block-heading" id="h-sell-the-news-event">Sell the News Event</h3> 
<p>With Litecoin’s third halving event, which is expected in 23 days from Monday, significantly hyped for a bullish outlook, Kaleo expects the underlying value to drop like in prior events.</p>

Litecoin Halving Event: Top Reasons Why LTC Price Is Poised To Drop Heavily

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