– Litecoin’s (LTC) price is down today, following the market trend.
– LTC price fell over 1.5% on Aug. 16 to around $78.25.
– This decline is part of a broader pullback trend that started in early July.
– The correction in Litecoin’s price started a week earlier than the rest of the crypto market.
– This correction was driven by its overbought relative strength index (RSI) and a drying buying sentiment leading up to its “halving” on Aug. 2.
– LTC price has dropped over 30% since the RSI crossed the overbought threshold.
– The price is down 16.45% since the halving day, indicating a “sell the news” scenario.
– Data shows that long-term holders of Litecoin, known as “hodlers,” have continued to accumulate LTC tokens even during the selloff.
– However, Litecoin’s richest investors, or whales, have been leading the ongoing selloff.
– This selloff after halving is considered a typical event, followed by the price discovering an accumulation range and rebounding to establish a new record high.
– Historically, LTC has retraced between -73% and -83% after halving to form a new accumulation range.
– If the historic cycle repeats, Litecoin may fall toward $40 in the coming months.
– Technically, Litecoin’s price is trending lower inside a falling wedge pattern, which raises the prospects of a bullish reversal.
– Depending on the breakout point, LTC/USD can rise to anywhere between $83.25 and $95.75 by October.
This article does not provide investment advice. Please conduct your own research before making any investment decisions.