Post Halving Price Analysis: Litecoin Struggles To Keep The Bullish Bias

Litecoin is struggling a lot to keep its bullish bias post halving and now in the analysis below and latest cryptocurrency news are trying to find out what’s coming next.

The post halving price analysis shows that the LTC/USD instrument established a new high of 104.04 on the Coinbase crypto exchange. The move uphill brought the pair up by more than 12 percent from the market open. This was also a time when the Litecoin blockchain was close to reaching a block size of 1,680,000 after which it could reduce the supply rate from the previous 25 LTC per 2.5 minutes to the current 12.5 LTC per 2.5 minutes. At about 10:15 UTC, Litecoin began its halving process and in about fifteen minutes, the cryptocurrency’s rate started going rapidly downwards.

Up until 13:30 the LTC/USD rate dropped by more than 97.11 which is down by 9.28 percent from the local top. The move shows the need of the day traders to take their sessional profits at home and at the same time it shows there are is not a strong bullish bias at the moment that could lead Litecoin to register more than 200 percent in the year-to-date returns. Post halving price analysis shows that by reducing the supply of digital assets in a specific time, the demand for those assets will grow higher and the underlying scarcity alone makes them more expensive to purchase.

The halving events are also problematic if the miners receive lesser rewards and get disappointed for confirming and adding transactions to the blockchains. There is no such sign in the hash rate drop in the litecoin blockchain which still means that the miners are running the network. Traders are willing to drop their LTC bags for much more attractive intraday profit which is why the market is experiencing a sharp correction. This could also mean that Litecoin is preparing for a consolidation price action soon. The last litecoin halving didn’t impact the price as much. The LTC/USD rate surged up to 16 percent after one-year post halving. Bitcoin did better since it surged more than 292 percent one year after going through the last halving.

As we can see in the altcoin news and analysis, if Litecoin continues to remain idiosyncratic, there will not be an upside move in the cards. The creator of the currency Charlie Lee put up the privacy features later this year which could mean the upside trend is just about to start.