{"id":546154,"date":"2023-08-08T08:30:19","date_gmt":"2023-08-08T08:30:19","guid":{"rendered":"https:\/\/uniquehot.com\/?p=546154"},"modified":"2024-06-11T08:58:43","modified_gmt":"2024-06-11T08:58:43","slug":"can-litecoin-bulls-turn-the-tide-on-declines","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/can-litecoin-bulls-turn-the-tide-on-declines\/","title":{"rendered":"Can Litecoin Bulls Turn The Tide On Recent Declines? A Closer Look"},"content":{"rendered":"

Litecoin (LTC) has recently faced a period of bearish pressure that has taken a toll on its market performance. The months of July and August have witnessed a shift in sentiment, as bearish forces began to dominate the crypto market.\u00a0<\/span><\/p>\n

As of the latest update, LTC finds itself trading within a critical support zone, prompting discussions among traders and analysts about its potential trajectory.<\/span><\/p>\n

With the value of LTC hovering just below the $80 mark, market observers are closely monitoring whether this level will hold against the prevailing bearish sentiment.<\/span><\/p>\n

Related Reading: PEPE\u2019s Future: Will Prices Of Meme Coins Continue To Drop?<\/a><\/div>\n

Litecoin Vital Support Zone Tested<\/strong><\/h2>\n

A recent <\/span>price analysis<\/span><\/a> has underscored the significance of the $80 threshold, suggesting that a breach below this point could potentially trigger an extended downtrend for Litecoin.<\/span><\/p>\n

The current market figures reflect a small 24-hour uptick of 0.2% and a seven-day decline of 8.5% with a current price of $82.57 on <\/span>CoinGecko<\/span><\/a>, painting a cautious picture for LTC’s short-term performance. <\/span><\/p>\n

The fluctuations in price during this period have sparked discussions about the factors contributing to Litecoin’s recent struggles.<\/span><\/p>\n

\"\"<\/p>\n

Source: Coingecko<\/pre>\n
Halving Event And Its Impact<\/strong><\/h2>\n
The crypto community is no stranger to the phenomenon of halving, an event embedded in the genes of cryptocurrencies like Litecoin. In 2019, Litecoin underwent its second halving, a pre-programmed event that occurs approximately every four years. <\/span><\/p>\n
This event, characterized by a reduction in block rewards issued to miners, has historically carried significant implications for price trends.<\/span><\/p>\n
\"\"<\/p>\n
LTC weekly price movement. Source: CoinMarketCap<\/a><\/pre>\n
Related Reading: XRP Journey To $10: Unveiling The Forces That Could Trigger An Upward Momentum<\/a><\/div>\n
The halving event in 2019 witnessed a fascinating sequence of events. In the lead-up to the halving, Litecoin’s price experienced a rally, generating excitement among investors. However, the post-halving scenario took an unexpected turn as an extended downtrend followed, lasting for over 500 days. <\/span><\/p>\n
This downtrend was succeeded by a period of consolidation, marking the complexity of crypto market dynamics and the interplay between halving events and price trends.<\/span><\/p>\n
<\/p>\n
Litecoin market cap currently at $6 billion. Chart: TradingView.com<\/a><\/pre>\n
LTC’s Third Halving Event And Network Fundamentals<\/strong><\/h3>\n
Fast-forward to August 2, 2023, and Litecoin’s blockchain has just experienced its third halving event. Occurring at block 2,520,000, this event has effectively slashed mining rewards to 6.25 LTC per block. Despite the prevailing lull in price action, Litecoin’s network fundamentals remain robust.\u00a0<\/span><\/p>\n
\n
Litecoin’s Hashrate is currently at getting close to hitting a new all time high. Currently at 933.2 TH\/s, with difficultly just touching on a new ATH. $LTC<\/a> is stronger than ever!<\/p>\n
Despite what you may read in the ‘press’. pic.twitter.com\/0hEgED09kd<\/a><\/p>\n
\u2014 Litecoin (@litecoin) August 6, 2023<\/a><\/p><\/blockquote>\n
Meanwhile, Litecoin’s hashrate<\/span><\/a> is poised to achieve an all-time high, exemplifying the network’s resilience and ongoing miner participation. <\/span><\/p>\n
Presently boasting a difficulty level of 933.2 TH\/s, Litecoin inches closer to establishing a new record, highlighting its secure and decentralized network infrastructure.\u00a0<\/span><\/p>\n
The strengthening hashrate and its associated positive network indicators underline Litecoin’s capacity to withstand market fluctuations and continue to evolve in the face of external pressures.<\/span><\/p>\n
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n
Featured image from <\/span>The Currency Analytics<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Litecoin (LTC) has recently faced a period of bearish pressure that has taken a toll on its market performance. The months of July and August have witnessed a shift in sentiment, as bearish forces began to dominate the crypto market.\u00a0 As of the latest update, LTC finds itself trading within a critical support zone, prompting discussions among traders and analysts about its potential trajectory. With the value of LTC hovering just below the $80 mark, market observers are closely monitoring whether this level will hold against the prevailing bearish sentiment. Related Reading: PEPE\u2019s Future: Will Prices Of Meme Coins Continue To Drop? Litecoin Vital Support Zone Tested A recent price analysis has underscored the significance of the $80 threshold, suggesting that a breach below this point could potentially trigger an extended downtrend for Litecoin. The current market figures reflect a small 24-hour uptick of 0.2% and a seven-day decline of 8.5% with a current price of $82.57 on CoinGecko, painting a cautious picture for LTC’s short-term performance. The fluctuations in price during this period have sparked discussions about the factors contributing to Litecoin’s recent struggles. Source: Coingecko Halving Event And Its Impact The crypto community is no stranger to the phenomenon of halving, an event embedded in the genes of cryptocurrencies like Litecoin. In 2019, Litecoin underwent its second halving, a pre-programmed event that occurs approximately every four years. This event, characterized by a reduction in block rewards issued to miners, has historically carried significant implications for price trends. LTC weekly price movement. Source: CoinMarketCap Related Reading: XRP Journey To $10: Unveiling The Forces That Could Trigger An Upward Momentum The halving event in 2019 witnessed a fascinating sequence of events. In the lead-up to the halving, Litecoin’s price experienced a rally, generating excitement among investors. However, the post-halving scenario took an unexpected turn as an extended downtrend followed, lasting for over 500 days. This downtrend was succeeded by a period of consolidation, marking the complexity of crypto market dynamics and the interplay between halving events and price trends. Litecoin market cap currently at $6 billion. Chart: TradingView.com LTC’s Third Halving Event And Network Fundamentals Fast-forward to August 2, 2023, and Litecoin’s blockchain has just experienced its third halving event. Occurring at block 2,520,000, this event has effectively slashed mining rewards to 6.25 LTC per block. Despite the prevailing lull in price action, Litecoin’s network fundamentals remain robust.\u00a0 Litecoin’s Hashrate is currently at getting close to hitting a new all time high. Currently at 933.2 TH\/s, with difficultly just touching on a new ATH. $LTC is stronger than ever! Despite what you may read in the ‘press’. pic.twitter.com\/0hEgED09kd \u2014 Litecoin (@litecoin) August 6, 2023 Meanwhile, Litecoin’s hashrate is poised to achieve an all-time high, exemplifying the network’s resilience and ongoing miner participation. Presently boasting a difficulty level of 933.2 TH\/s, Litecoin inches closer to establishing a new record, highlighting its secure and decentralized network infrastructure.\u00a0 The strengthening hashrate and its associated positive network indicators underline Litecoin’s capacity to withstand market fluctuations and continue to evolve in the face of external pressures. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from The Currency Analytics<\/p>\n","protected":false},"author":557,"featured_media":546165,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1,3],"tags":[1144,8686,88545,10,2829,4735],"class_list":["post-546154","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all","category-news","tag-btcusd","tag-ethusd","tag-halving-event","tag-litecoin","tag-ltc-price","tag-price-action"],"acf":[],"yoast_head":"\nCan Litecoin Bulls Turn the Tide on Recent Declines?<\/title>\n<meta name=\"description\" content=\"Litecoin (LTC) has recently faced a period of bearish pressure that has taken a toll on its market performance. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/uniquehot.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Can Litecoin Bulls Turn The Tide On Recent Declines? 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