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Litecoin price analysis 2nd August 2019; Litecoin losing momentum?

Litecoin price analysis 17 may 2019 1

The last two or three days have been relatively positive for Litecoin’s market capitalization. In our today’s Litecoin price analysis we will be taking a look at the coin’s potential future before the Monday halving and one week after the event.

On the surface, the prognosis does not bode well for LTC. It’s now being predicted that it will fail to maintain the growth pattern during the weekend despite the hype and therefore won’t reach the $110 psychological resistance before the halving.

After the halving though, experts are predicting that something similar to the 2015 event will take place, meaning that LTC will either lose its price level by 50% or by 20% at least. Judging by the fact that the 50% drop has already occurred, it’s unlikely that it will repeat itself once again.

Litecoin price analysis

LTC chart by Trading View

Over the weekend, traders have a very crucial $95 support level to maintain, which could prove to be impossible as the European trading session is already nearing its end and the price is starting to struggle.

Other than that, traders can rely on the $98 resistance which will most likely be challenged the moment the US trading session starts and whales start moving large capital back and forth.

As already mentioned at the beginning of this Litecoin price analysis, the coin has a bearish short and midterms, but in the long run, it seems to be quite healthy.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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