Convergence

Litecoin

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 <p>The bearish technical outlook in&nbsp;Litecoin price&nbsp;started to take shape in early July, following a massive pre-halving rally from $71 around mid-June to $115.</p>  
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 <p>In addition to a descending trendline, LTC’s upside was capped under resistance at $95. Meanwhile, its downside has been supported strongly by massive buyer congestion at $88, leaving the 12th largest crypto in a range channel.</p> 
 <p>Litecoin boasts $6.6 billion in market capitalization, with $1.2 billion in trading volume coming in over 24 hours.</p> 
 <h2 id="litecoin-price-faces-declines-ahead-of-halving">Litecoin Price Faces Declines Ahead of Halving</h2> 
 <p>Like Bitcoin,&nbsp;Litecoin undergoes halving—the event that slashes miner rewards by half, thus reducing the supply of the coin as a way to minimize inflation. This means that once halving is complete on August 2, miners will receive 6.25 LTC for every on-chain block processed, instead of the 12.5 LTC they have been getting in the last four years.</p>  
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 <p>Investors are buying the news because as supply shrinks, demand is expected to increase, in turn, triggering a potentially massive post-halving rally. The project’s founder, Charlie Lee is among bullish investors who anticipate LTC to post massive gains.</p> 
 <p>“If the supply side gets cut in half and the demand stays the same, then the price should go up,” Lee said during a Twitter spaces event.</p> 
 <p>Despite the positive sentiment surrounding the halving, the current&nbsp;LTC technical picture&nbsp;shows that investors need to manage their expectations ahead of and post the halving event.</p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">⚡️ Is #Litecoin going through a "buy the rumor, sell the news" scenario with less than 9 hours until the 16:34 UTC #halving? Social dominance has predictably jumped with many showing panic signs. Patience through the $LTC volatility is proving to be tough. https://t.co/0ojqI3OpUy pic.twitter.com/b8XpRhECtt</p> 
  <p>— Santiment (@santimentfeed) August 2, 2023</p> 
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 <p>On the daily chart, Litecoin price holds below all the moving averages, including the 200-day EMA (red), the 100-day EMA (blue), and the 200 EMA (purple). If short positions in LTC continue to increase, LTC may find a bearish escape below the lower range support at $88 – a move that might propel losses to $80.</p> 
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  <img decoding="async" class="size-full wp-image-155764" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201148%20611'%3E%3C/svg%3E" alt="LTC/USD price chart with Litecoin price at $90 ahead of halving" width="1148" height="611" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/02/22761faae87773763e8faa09fba7abe4.webp"> 
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    LTC/USD daily chart | Tradingview 
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 <p>A sell signal from the Moving Average Convergence Divergence (MACD) indicator further complicates the situation by exposing Litecoin to more short positions. However, it is prudent for investors to wait for a confirmed breakout below $88 before activating their sell orders to avoid sudden bull traps.</p> 
 <h2 id="the-bullish-scenario-in-litecoin-price">The Bullish Scenario in Litecoin Price</h2> 
 <p>With support between $88 and $90 holding firmly, the impact of the halving event is bound to change the supply and demand dynamics in favor of LTC bulls.</p> 
 <p>That said, investors cannot ignore the possibility of a post-halving rally eyeing highs above $100. Some of the signals to look out for are a break above the descending trendline and the upper range channel resistance at $95.</p> 
 <p>This followed by sustained price movements above $100 would imply an enhanced technical outlook, calling for new profit targets at $115, $120, and $130, respectively.</p> 
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Litecoin Price Buy The Rumor, Sell The News Scenario Ahead of Halving

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