Halving events for cryptocurrencies have been seen as catalysts that typically spark new rises due to the fundamental strength that they have. In the coming altcoin news, we are seeing that a Litecoin halving is on its way – but analysts are scared from a bearish scenario for LTC.
As we can see in the current charts, Litecoin (LTC) is currently under two days away from its halving event which has been widely viewed as a bullish event. Despite this, however, analysts are noting that Litecoin investors may be disappointed by the crypto’s price action in the coming days and weeks. This is mostly because it previously faced significant selling pressure following the halving event.
So, many best cryptocurrency news sites show that analysts are scared and noting that there is some strong selling pressure ahead of the event. Right now, Litecoin is trading down just under 1% at its current price of $95.20 and is down from its daily highs of over $97.
If we zoom out and look at the Litecoin price action over a longer timeframe, we will see that the cryptocurrency is not being bolstered by the imminent halving. It is currently down from its late-June highs of over $140.
Analysts are scared about LTC – and one of them is Josh Rager. The popular crypto personality recently explained that he believes that Litecoin’s price action looks significantly less bullish than other cryptocurrencies such as Chainlink.
“Comparing $LTC and $LINK for someone & thought I’d share. There are huge fans of both but right now $LINK is clearly the asset to be in even with the LTC halving upon us. LTC has been in a clear downtrend & unable to hold its own again BTC while LINK has responded well at support,” he said in the latest cryptocurrency news.
Comparing $LTC and $LINK for someone & thought I'd share
There are huge fans of both but right now $LINK is clearly the asset to be in even with the LTC halving upon us
LTC has been in a clear downtrend & unable to hold its own again BTC while LINK has responded well at support pic.twitter.com/glv4nol8ZM— Josh Rager 📈 (@Josh_Rager) August 3, 2019
The Litecoin halving may also result in a multi-month LTC downtrend. This is another possibility that could scare LTC investors who are banking on a post-halving price surge and result in a medium term downtrend.
According to Tadleer who is another crypto analyst on Twitter, the possibility is here. He wrote:
“$ltc halvening is coming up, will history repeat itself?” He explained while referencing the below chart.”
Charlie Lee Proposes Miner Donations To Fund LTC Development
‘’I think a better way to fund development is mining pools voluntarily donate a portion of the block reward. How about Litecoin pools donate 1% (0.125 LTC) of block rewards to the @LTCFoundation? If every miner/pool does this, it amounts to about $1.5MM donation per year!’’The Litecoin Foundation is one of the most important development entities and underwent a lot of funding deficits that seek other ways to survive the harsh effects of the bear market. The proposed solution angered the community since mining was unrestricted and voluntary activity. The rewards remain for the miners and anyone that tries to take part in the reward will have caused discontent. Litecoin started without a premine phase but other projects such as Zcash built their idea of a developer reward during the early years of mining.The proposal also came right after Bitcoin Cash decided to introduce a tax on the miners and the coin will now levy a 12.5% miner tax to all entities wishing to discover blocks so if the tax is not paid, any blocks discovered will not be considered and propagated. The approach of the founder of Litecoin is different and intended to be voluntary but will spike a whole set of activities that are supposed to have no barrier to entry. Litecoin mining has slowed down quite enough as 12.5 LTC block reward most of the miners give up after the recent halving.If the donations are levied, it would possibly bring around $3,816 per day for the Litecoin development based on the current block reward. Currently, the mining rate of LTC dropped by 70 percent from the all-time peak ahead of the halving and the miners produce around 142 TH/s which is only a small part of the Bitcoin cash activity. Scrypt mining happens on a much smaller scale with smaller machines as the activity is pointed to the SHA-256 mining for bitcoin and other forks of it.
LTC Retracement Bound For Correction Before Going Bullish
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“Even taking this into consideration, the main conclusion one may make from this data is that there are a significant number of coins now held by strong hands and long term bulls who have been accumulating and thusly removing potential downward pressure on the markets.’’Litecoin is now on a new path after the harsh correction phase of above $140 and also the latest halving for the coin only brought a lot of gains in the months prior to the halving rather than the time after the halving. The coin is still highly liquid and has about $4.7 billion in volumes. The asset is present on the bigger exchanges and on some futures market additions on OKEx. Litecoin is seen as a pretty reliable coin with the potential for a significant increase during bull rallies.The last hopes for Litecoin (LTC) signal a new BTC rally as the two assets showed decent proximity and a lot of support from the communities and supporters. Litecoin (LTC) traded at $50.45 which is an increase of 16 percent in the second half of the month and is now recovering trying to surpass the 0.006 lows. The most recent price moves show that Litecoin could even become more active in the upcoming days since it is extremely popular in the Asian markets. The fact that Litecoin soared as one of the most impressive altcoins lately is also one that shows us that altcoins are regaining their confidence in the current market.
Dash Could Surpass Litecoin As Daily Transactions Increase Steadily
‘’At the very least, if the crypto market cares about real fundamentals, then $DASH should be where #Litecoin is right now on the crypto market cap ranking. it’s only a matter of time before real cryptos with real utility rise up to the top. https://t.co/MbGAkw5rvi pic.twitter.com/hpJyqcLmqB’’The Dash network is being used to transfer a lot more value than Litecoin which doesn’t automatically mean that it has more value. Both of the assets are different since Dash offers different types of transactions and it also features rewards.
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