The Expected Rise Has Arrived, Now It's Fall Time For This Altcoin!

We said that it could rise by moving against the market. Now the price has turned its direction downward. Watch out for critical breaks.

The combined market cap of all cryptocurrencies remains below $1 trillion. Bitcoin, on the other hand, could not hold above $ 20,000. Investors are nervous and risk appetite has decreased significantly. Signals of the meeting to be held in September point to a 75bps rate hike. It should not be forgotten that the continuation of the recent tight monetary policies. So where is the LTC price headed?

Litecoin (LTC)

Before the uptrend, we were talking about the LTC price going to a better spot than the market. As a matter of fact, it was like that. Litecoin has moved between $ 52 and $ 65 in the last 1 month. Many traders have been able to sell above $60 by buying at $50 levels several times. Today, LTC finds buyers at $ 60. Trading volume has dropped by 50% in a weekend classic, and LTC remains the 21st largest cryptocurrency by market cap.

The price, which has moved between $ 294 and $ 40 in the last 1 year, gave quick selling opportunities to the short-term recovery periods. However, like many altcoins in the market, LTC is priced 85% below the ATH level. So what awaits Litecoin (LTC) investors in the coming hours? How far will a possible drop take the price?

Litecoin (LTC)

Before going into the price analysis, let's remind next year that the LTC halving will take place these days. “ When is the LTC halving?” Investors wondering should set an alarm for August 31st. This development could be a good catalyst for LTC if it starts to loosen by that day. After addressing the long-term prospects, let's return to the next few days. Litecoin found some buying interest at $59.52 but bulls are struggling to keep prices afloat. If Litecoin sees a break below $59.29 in the coming hours, the price could ease towards $58. Conversely, a move above $61.32 invalidates the bearish setup and reveals upside potential.

The Bollinger band shows that the market is in a bearish trend in the near term. The 4-hour chart shows that the market is bearish as the price drops below $59. The market is currently facing some selling pressure as prices look set to continue their downward trend. Bitcoin's performance in the following hours will be decisive for LTC, it may be possible for investors to reduce their losses by paying attention to critical breaks.