Litecoin‘s performance has been relatively week for the past couple of weeks as sellers continue to dominate the market and bring the coin down even further.
The support level at $92 has already been broken and now it seems the coin is heading towards yet another serious downtrend below $72 in the short term.
Judging by the fact that the downtrend has continued for quite some time now, it’s not guaranteed that LTC could recover before the halving, or that the halving could actually do anything to it.
Charlie Lee, the CEO of the Litecoin Foundation has already mentioned that the halving hype should have started by now, indicating that investors are not too keen on risking it with LTC.
The whole market is bearish at this point as Bitcoin continues its journey down to $8,800 where it will challenge the next support level.
Should it be broken, then BTC has a ways to go below $7,600 and then even $4,000. Litecoin is sure to follow such a terrible trend, even after the halving as it’s most likely that a 25% dump will happen a few days after the event.
As it stands right now, Litecoin doesn’t have too much potential anymore, it simply couldn’t combat the overall market sentiment on its own and is now falling alongside it.
The only hope that remains now, is the altcoin season that is fast approaching, during which LTC could potentially see a new all-time high.