Litecoin (LTC) Likely To Slide Below $50 In The Near Future

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Litecoin (LTC) is at a risk of a major decline as the price has run into a strong resistance and faced a rejection. The near term outlook indicates that the price could slide down to the 38.2% Fib extension level in the days ahead. This fall would pull the price close to the 200 day moving average. If the bulls fail to step up, we might see a decline below the 200 day moving average. So far, the probability of such a decline for the rest of the market remains low but Litecoin (LTC) already had a series of rallies and is now overdue for a correction to the downside. The daily trading volume has increased significantly for LTC/USD in the past few weeks and we expect it to continue to increase in the weeks leading to Litecoin (LTC)’s upcoming halvening in August, 2019. Litecoin (LTC) bulls are very hopeful because halvening has always resulted in a major price boost for any cryptocurrency, be it Litecoin (LTC) or Bitcoin (BTC). This is because nothing moves the price like good old supply and demand. If it takes $X to mine one Litecoin (LTC), after August, 2019 it is going to take more than $2X to mine one Litecoin (LTC). This means that the Litecoin (LTC) supply that is already in circulation will be worth a lot more. There is no doubt whatsoever that the next halvening could see a strong rise in the price of Litecoin (LTC). However, that is in…
Source: Litecoin (LTC) Likely To Slide Below In The Near Future

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