Litecoin May Soon Surge Despite Selling Pressure and Recent Dusting Attack
Litecoin has been wrapped in negative sentiment as of late, which has primarily been rooted it its lackluster price action following its recent halving event and a recent dusting attack that impacted nearly 300,000 LTC addresses on Binance.
Despite the dwindling optimism surrounding LTC, analysts are now cautiously noting that the cryptocurrency may be nearing a “bedrock support” level that could be followed by a shift in its recent downtrend, and today’s price performance may support this notion.
Litecoin Price Plummets 25% Since Halving Event At the time of writing, Litecoin is trading up nearly 4% at its current price of $76.40, which marks a slight recovery from its recent lows of $71.
Since Litecoin’s early-August halving event which was widely viewed as being a bullish catalyst the cryptocurrency’s price has dropped by nearly 25%, which marks a very disappointing reaction to an event that many analysts had claimed would propel LTC higher.
Importantly, however, this poor price performance has come about during a time of great uncertainty in the crypto markets, and LTC’s recent price action has been largely in sync with that seen by many other major altcoins.
Loma, a popular crypto analyst on Twitter, explained in a tweet from yesterday that despite the conflicting opinions that are held about Litecoin, he believes it is currently trading just above a “bedrock support” level and today’s price surge may validate this notion.
“Humor me if you will. Let us suggest, for a moment, that $LTC is not in fact a scam.
Let us assume that somehow, inconceivably, crypto twitter is wrong for the first time.
An objective chart is showing LTC on bedrock support in a falling wedge.
Maximum point of opportunity,” Loma said.
Has LTC Dusting Attack Impacted Recent Price Action? Recently, Litecoin wallets on popular cryptocurrency exchange Binance faced a widespread dusting attack in which scammers sent a tiny amount of LTC (known as dust) to hundreds of thousands of wallet addresses in an effort to gain information about the end user’s data.
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Despite the dwindling optimism surrounding LTC, analysts are now cautiously noting that the cryptocurrency may be nearing a “bedrock support” level that could be followed by a shift in its recent downtrend, and today’s price performance may support this notion.
Litecoin Price Plummets 25% Since Halving Event At the time of writing, Litecoin is trading up nearly 4% at its current price of $76.40, which marks a slight recovery from its recent lows of $71.
Since Litecoin’s early-August halving event which was widely viewed as being a bullish catalyst the cryptocurrency’s price has dropped by nearly 25%, which marks a very disappointing reaction to an event that many analysts had claimed would propel LTC higher.
Importantly, however, this poor price performance has come about during a time of great uncertainty in the crypto markets, and LTC’s recent price action has been largely in sync with that seen by many other major altcoins.
Loma, a popular crypto analyst on Twitter, explained in a tweet from yesterday that despite the conflicting opinions that are held about Litecoin, he believes it is currently trading just above a “bedrock support” level and today’s price surge may validate this notion.
“Humor me if you will. Let us suggest, for a moment, that $LTC is not in fact a scam.
Let us assume that somehow, inconceivably, crypto twitter is wrong for the first time.
An objective chart is showing LTC on bedrock support in a falling wedge.
Maximum point of opportunity,” Loma said.
Has LTC Dusting Attack Impacted Recent Price Action? Recently, Litecoin wallets on popular cryptocurrency exchange Binance faced a widespread dusting attack in which scammers sent a tiny amount of LTC (known as dust) to hundreds of thousands of wallet addresses in an effort to gain information about the end user’s data.
Follow me on
Twitter: https://twitter.com/cryptoexpert20
IF you be an admin for your telegram group you can order from the link
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