Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- LTC’s price performance was muted before and after the halving.
- Spot trading volume ratio painted neutral sentiment at the time of writing.
After bleeding out in early August, Litcoin [LTC] was positioned to consolidate losses above $80 in the short term. Litecoin’s halving event was successfully executed on 2 August, reducing the block reward from 12.5 to 6.25 LTC. However, the pre and post-halving period was marked by a massive market bleed-out as sellers overwhelmed the market.
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On 1 August, the eve of the halving event, LTC posted 1.8% gains. But it plunged on the D-date, shedding 6.81% on 2 August. The plunge was further aggravated after Bitcoin [BTC] lost hold of $30k on the same day (2 August).
LTC dipped further the following day (3 August), shedding an extra 5.7%, and subsequently eased below $85.
Can LTC clear the $85 resistance?
LTC’s price action has remained below $85 since the extended plunged on 3 August. In the past few days, the altcoin formed a narrow price range between $80 – $85 as it consolidated losses.
A set of Fibonacci retracement levels (yellow) was plotted between the July high ($104.4) and the recent August low ($73). Based on the tool, LTC’s recent narrow price consolidation has been constricted between the 0% ($73) and 23.6% Fib ($85) pocket levels.
The R
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Author: Benjamin Njiri
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