Litecoin is currently one of the best performing cryptocurrencies in the Top 10 market, even though it suffered a massive slump today.
But the 4-day rally that it saw between the 24th of May and yesterday are nothing to be smirked at. The heads-up of multiple news websites that LTC will be experiencing a halving soon, quickly drove the prices upwards, which were already on a bullish spiral thanks to an OKEx tweet teasing the addition of LTC as a “potential partner”.
LTC has always been in the news with its new ways of marketing itself. Last year it managed to sponsor the UFC championship with its logo on the fighting ring, and multiple other marketing campaigns to boost the price as much as possible to survive the crypto winter.
Ultimately, it did survive and came out better than ever. However, that rally is experiencing a serious hit today, but it’s nothing new for those watching the weekly patterns closely.
Overall, the fall in price can be attributed to the revision of the last two week’s market patterns. Wednesday is when BTC starts suffering from the bear attrition. Around Friday it starts to regain some strength, and on Saturday it pushes massively. But by Tuesday it runs out of juice and starts stagnating.
This week and the two prior have been exactly like that and LTC is always a victim.
The coin was trading at $121 during the consecutive announcements until it fell sharply due to market stagnation and the anticipation of the halving from the bears.
It was quite natural when we think about it though. The bulls and the bears prefer the price to be lower before the halving, as they’ll be able to stock up much more a few days before it happens, drive the price up to around $140, and simply wait until the price surges by at least 31%.
At the moment, August is gearing up to be the most successful month for LTC as that’s the month of the halving unless it is delayed for a few weeks. The most likely scenario is LTC reaching around $140 at the end of August, and then rising sharply by anywhere between 31 to 100% after the halving takes place.
Therefore, right now, the lower price of $117 is beneficial for pretty much everybody to enter even more positions.