Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Litecoin’s third halving was completed successfully.
- Price action remained muted in the last few hours after the event.
Litecoin’s [LTC] third halving event revamped the network’s security against infiltration threats as hash rates hit a new high. However, price action was muted before and after the event. LTC dipped below $84 post-halving amidst increasing uncertainty around Bitcoin [BTC].
Read Litecoin’s [LTC] Price Prediction 2023-24
At press time, LTC still had a strong positive correlation with BTC, at 0.8, according to IntotheBlock. This meant that the king coin’s price action could still significantly impact LTC.
At the time of writing, BTC was below its previous range-low of $29.5k.
LTC sustains price slump
The Relative Strength Index retreated from the overbought zone at the end of July to the oversold zone at the time of writing (post-halving). It underscores the sustained selling pressure before and after the halving event.
On the liquidity and capital inflows front, the Chaikin Money Flow (CMF) dipped below zero
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Author: Benjamin Njiri
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