Litecoin

<html>
 <head></head>
 <body>
 The anonymous crypto analyst Kaleo, closely followed by crypto investors, expressed belief that the prominent altcoin Litecoin (LTC) may have already reached its peak during its pre-halving rally. According to the analyst, the direction for LTC may now be downwards. 
 <h2 style="text-align: justify" id="strong-analyst-suggests-litecoin-could-embark-on-a-new-dip-journey-strong">Analyst Suggests Litecoin Could Embark on a New Dip Journey</h2> 
 Kaleo proposed that Litecoin might be mirroring its price action during the second half of 2021, a period in which it surged over 187% just to go through a few months of a bear market. The analyst suggested that Litecoin recently retraced from its bear market trend line, due to LTC bulls failing to show momentum above $110. 
 “That’s why I went short on LTC: There was a clear return from resistance. The pullback after the last breakdown of the range incredibly resembles what we saw at the end of 2021. A pullback at that time ended with the price hitting new low levels,” he stated. 
 <img decoding="async" class="aligncenter size-full wp-image-236631" src="https://coin-turk.com/wp-content/uploads/2023/07/LTC-Litecoin.jpeg" alt="" width="2048" height="1164"> 
 Kaleo, also considering LTC’s performance before the block reward halving event in 2019, indicated that the previous block reward halving marked the start of a downtrend for LTC. “The halving is approaching (around August 2). Although this has been exaggerated as a bullish narrative, this was not what happened in the past. Let’s take a look at what happened after the last block reward halving in 2019. It was a sell-the-news event and the price fell,” he noted. 
 <img decoding="async" class="aligncenter size-full wp-image-236632" src="https://coin-turk.com/wp-content/uploads/2023/07/Litecoin-LTC.jpeg" alt="" width="2048" height="1174"> 
 Kaleo is also closely monitoring the performance of the Litecoin/<a href="https://en.coin-turk.com/binance-to-move-significant-btc-volume-calls-for-calm/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> pair (LTC/<a href="https://en.coin-turk.com/bitcoin-struggles-amid-high-pce-data-a-comprehensive-analysis-for-investors/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a>). The analyst underscored that LTC/BTC falling below diagonal support signals a strong downturn in the short time frame. “We saw a clear break of support in the LTC/BTC pair in the short time frame,” he warned. 
 <img decoding="async" class="aligncenter size-full wp-image-236633" src="https://coin-turk.com/wp-content/uploads/2023/07/LTC.jpeg" alt="" width="2048" height="1152"> 
 <h2 style="text-align: justify" id="strong-warns-about-a-dead-cat-bounce-strong">Warns About a Dead Cat Bounce</h2> 
 Returning to LTC’s chart against the US dollar, Kaleo suggested that the altcoin could experience a short-lived rally before resuming its downtrend. “When we take a close look at the price chart, LTC is currently standing at support against the US dollar. Any bounce from this support could be just a dead cat bounce,” he remarked. 
 <img decoding="async" class="aligncenter size-full wp-image-236634" src="https://coin-turk.com/wp-content/uploads/2023/07/Litecoin.jpeg" alt="" width="2048" height="1176"> 
 At the time of writing, the leading altcoin is trading at $96.69, marking a 0.26% decrease over the last 24 hours. 
 The post <a rel="noopener noreferrer nofollow" href="https://en.coin-turk.com/crypto-analyst-forecasts-downtrend-for-litecoin/" data-wpel-link="internal">Crypto Analyst Forecasts Downtrend for Litecoin</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.
 </body>
</html>

Crypto Analyst Forecasts Downtrend for Litecoin

Table of Contents

COINTURK NEWS

Other articles published on Jul 13, 2023

Bitbuy relists XRP amid improvements in Ripple vs. SEC case

PEPE Price Dips Over 60% from All-Time High (ATH)

FTT Token Rises as Bankman-Fried's Exchange Opens Claims Portal

[Announcement] Announcing key leadership appointments at NEOPIN

'Rich Dad Poor Dad' Author Says 'Giant Crash' Coming, 'Get into Bitcoin ASAP'

Dusk's Preparedness for MiCA Compliance

Join our free newsletter for daily crypto updates!