Litecoin Price Prediction as Halving Event Goes Through Successfully – What Happens Now?

cryptonews.com:

The price of Litecoin (LTC) has dived by 5% in the past 24 hours, falling to $86.21 after the altcoin successfully completed its halving yesterday.

It appears that the halving has proven to be a prime example of the 'sell the news' truism that operates in crypto, with LTC also down by 8% in the last 14 days and by 20% in the past month.

Given this disappointing response to Litecoin's halving, it's hard to predict where the altcoin may go in the next few weeks, with the lack of market enthusiasm for the halving undermining any claim that LTC has a strong long-term future.

If there's one positive thing to say about Litecoin's chart, it's that its indicators are very close to bottoming and suggest that the coin should rise again very soon.

LTC's 30-day moving average (yellow) continues to slide further below its 200-day average (blue), suggesting that the coin has lost a substantial amount of momentum and is being oversold.

At the same time, LTC's relative strength index (purple) has hit 30, which again signals overselling and undervaluing.

Together, these two indicators would normally suggest that the Litecoin price should rebound healthily in the near future, yet it needs to be highlighted that the coin's support level (green) has declined dramatically in the past couple of weeks.

This means we can't rule out further losses in the next few days and/or weeks, especially when LTC has so noticeably underperformed.

Indeed, hype had been building in the months and weeks leading up to the Litecoin halving, with the altcoin's price reaching a one-year high of $113 in early July as investors started to get excited about the event.

But that's when LTC's price began to decline, with the investors who had bough the coin early in order to get