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Litecoin price analysis 29 July 2019; halving less than week away, but LTC still bearish

Litecoin price analysis 29 July 2019

Today’s Litecoin price analysis hinges on the coming LTC halving in six days, which seems to make absolutely no changes for Litecoin’s price as it clings to the BTC dominance and fails to maintain key resistance levels.

If we were to speculate based on the 2015 halving price fluctuations, the consolidation should have started about a week ago, but in contrast, LTC has been on its way down ever since BTC has been battling the $10,000 resistance level.

If Litecoin doesn’t manage to consolidate at least past the $100 crucial resistance, there are very little positives it can face post-halving as experience shows that the hype dies down and the price falls by no less than 50%.

Litecoin price analysis 29 July

LTC chart by Trading View

There was still hope when with multiple Litecoin price analysis experts when the coin was knocking the door at the $100 on July 24th, but that hope died with the price as it spiraled back down to $84 yesterday.

Now the price is hovering at the $90 resistance waiting for the hype to start but to no avail.

Overall, there are two directions that Litecoin can go at this point, and even if it seems obvios they’re still a bit complicated.

Should the coin pass the crucial $100 resistance, it’s poised to grow to about $110 days before the halving, but should it remain in the $90-$100 range, it’s possible that the bullish sentiment won’t be enough.

Post halving though, there’s nothing saving LTC, a 50% depreciation is pretty much guaranteed based on past experience, and since everybody is anticipating it, it shall be so.

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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