Halving events for cryptocurrencies are commonly referred to as catalysts that typically spark bull movements due to the fundamental strength they contribute to individual cryptocurrencies. Litecoin (LTC) is currently under two days away from its halving event, which has been widely viewed as a bullish event.<\/p>\n
Despite this, analysts are noting that Litecoin investors may be gravely disappointed by the crypto\u2019s price action in the coming days and weeks, as it has previously faced significant selling pressure following its halving event.<\/p>\n
At the time of writing, Litecoin<\/a> is trading down just under 1% at its current price<\/a> of $95.20 and is down slightly from daily highs of over $97.<\/p>\n While zooming out and looking at Litecoin\u2019s price action over a longer time frame, it is clear that the cryptocurrency is not being bolstered by the imminent halving<\/a>, as it is currently down from its late-June highs of over $140.<\/p>\n Josh Rager, a popular crypto analyst, recently explained that he believes Litecoin\u2019s price action looks significantly less bullish than other cryptocurrencies, including Chainlink.<\/p>\n \u201cComparing $LTC and $LINK for someone & thought I’d share. There are huge fans of both but right now $LINK is clearly the asset to be in even with the LTC halving upon us. LTC has been in a clear downtrend & unable to hold its own again BTC while LINK has responded well at support,\u201d he noted.<\/p><\/blockquote>\n https:\/\/twitter.com\/Josh_Rager\/status\/22543621<\/p>\n Another possibility that could scare LTC investors who are banking on a post-halving price surge is that it will actually result in a medium-term downtrend.<\/p>\n Tadleer, another popular crypto analyst on Twitter, mused this possibility in a tweet, pointing to a chart that shows that during the last halving, Litecoin surged before the event before facing a post-event sell-off.<\/p>\n \u201c$ltc halvening is coming up, will history repeat itself?\u201d He explained while referencing the below chart.<\/p><\/blockquote>\n $ltc<\/a> halvening is coming up, will history repeat itself? #litecoin<\/a> #Crypto<\/a> pic.twitter.com\/JYUxmsgVca<\/a><\/p>\n — tadleer (@tadleer) August 1, 2019<\/a><\/p><\/blockquote>\nHalving May Result in Multi-Month LTC Downtrend <\/strong>\u00a0<\/strong><\/h2>\n
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