Can Bulls Get Back LTC to $100 After Halving?

Fibo Quantum

The price dynamics of Litecoin has been very disappointing in recent times. After reaching a maximum in June 2019 at $146, the cryptocurrency has faced serious selling pressure. As of August 23, Litecoin was trading around $75, showing a decline of almost 50% for 2 months. Halving, which was considered a bullish factor for cryptocurrency, could not push the coin to new highs. 

Fundamental Analysis

At the end of July, the crypto community expected to see a bull run of Litecoin. However, LTC has followed another scenario and the price has dropped by $30 since the beginning of August.

The next fundamental issues might have affected the price of Litecoin in August:

  • Halving.

  • Hash rate decline.

  • Charlie Lee tweets.

  • LTC Trading Contest.

Halving was the most expected event not just for the Litecoin community but for the whole market in general.

On August 5, the long-awaited halving took place in the Litecoin network at block 1 680 000. Since then, miners of ‘digital silver’ started to receive 12.5 LTC for each new block instead of the previous 25 LTC. The crypto community expected that on the eve of this event, the cryptocurrency rate would rocket, as happened in July 2015. Then, two months before the first halving, the LTC rate grew by 436% – from $1.60 to $8.59. However, this time, positive growth forecasts turned out to be
premature – the rate did not increase before the halving.

Soon after Litecoin halving, the hash rate and the difficulty of mining LTC fell by almost a third. The network complexity has decreased by 28% since halving. This situation may be related to the cessation of the operation of part of the mining equipment, which became unprofitable after halving the award. Over the same period, the LTC hash rate fell to May marks.

Litecoin hash rate

Another important news worth paying attention relates to Charlie Lee. As the founder of the project, he responded to criticism of the community, saying that Litecoin is a ’dead project’. Mainly, he stated that Litecoin has several main developers – Sincy Wang, Warren Togami and some others. Adrian Gallagher has led the work of the team for several years.

On the eve of the 8th anniversary of Litecoin, taking place at the beginning of October, traders gоt a chance to win $10,000 in LTC. One needs to create an account on BitUniverse and proceed through necessary terms and conditions

The last but not least news refers to Litecoin Foundation who is launching a crowdfunding platform to develop the product. Also, its employees have proposed reducing their salaries to help the organization withstand a period of lower donations in the first quarter of 2019.

Analyst Opinion

Litecoin price predictions significantly differ from each other. Although the price keeps going down since the end of June, some experts are still positive about the future of LTC. eToro analyst
Mati Greenspan noted that thanks to the revolutionary Litecoin Foundation agreements, LTC has become a full-fledged payment instrument.

Earlier a well-known trader Peter Brandt also shared his opinion on the Litecoin forecast. He saw a strong signal to buy  LTC in correlation to Bitcoin. In his opinion, the ’digital silver’ will grow against the leading cryptocurrency.

Technical Analysis

Analyzing Litecoin price prediction 2019, the rate has almost unchanged over the past 7 days. Currently, LTC has come back to the levels of the beginning of May 2019.

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (1h)

Change (24h)

Change (7d)

Litecoin

LTC

$4 743 823 715

$75,18

$2 465 909 400

-0,40%

1,59%

0,10%

LTC/USD

On the 1D chart, Litecoin prediction is about to become bullish as the blue line of the MACD indicator crossing the red one. 

Such a movement indicates the upcoming trend change. In this regard, LTC might test the upper boundary of the channel at the level of $85. However, trading volume needs to be high to maintain the bullish mood. Such a scenario is relevant if Bitcoin does not grow or soar sharply. 

On the smaller time frame, prediction for Litecoin is neither bullish no bearish. According to the chart, LTC is about to locate in a sideways trend until the first days of September. Such a Litecoin price forecast is confirmed by the neutral RSI indicator. Respectively, the coin is likely to locate in the yellow corridor between the support at $70 and the resistance at $80.

The price of  LTC is trading at $75,18 at the time of writing.

Conclusion

There is no single point of view regarding LTC price prediction for September 2019. Halving did not meet the expectations of the most crypto community as the price sharply went down. However, the long-term scenario gives hope for Litecoin holders as the rate has all chances to go back to $80 and above.