A extensively adopted crypto strategist believes that Litecoin’s (LTC) pre-halving rally could have already hit its peak.
Pseudonymous analyst Kaleo tells his 593,200 Twitter followers that the peer-to-peer funds community could also be mirroring its worth motion through the second half of 2021 when it rallied by over 187% solely to begin a multi-month bear market.
In keeping with the analyst, Litecoin just lately revered its bear market trendline when LTC bulls didn’t maintain momentum above $110.
“Right here’s why I flipped brief on LTC:
1) Clear rejection at resistance. Retrace after the current vary breakout appears to be like extremely much like what we noticed on the finish of 2021, which resulted in new lows.”
Kaleo can be wanting on the efficiency of LTC previous to its 2019 halving occasion. In keeping with the dealer, the earlier halving marked the start of a downtrend for LTC.
“2) The halving is across the nook (date is ~August 2nd). As a lot as this has been overestimated as a bullish occasion, that isn’t essentially what occurred previously. Let’s check out what occurred after the final halving (8/5/19). It was a sell-the-news occasion. Worth nuked.”
Kaleo can be watching the efficiency of the Litecoin versus Bitcoin pair (LTC/BTC). The dealer says LTC/BTC is flashing bearish alerts on the decrease timeframe after shifting under diagonal assist.
“3) Low timeframe we’ve seen a transparent breakdown of assist in LTC vs. BTC.”
Going again to the LTC/USD chart, Kaleo predicts a short-lived rally for Litecoin earlier than the altcoin resumes its downtrend.
“4) Zooming in, LTC is at present hanging on to assist vs USD, however I wouldn’t depend on something greater than a lifeless cat bounce right here.”
At time of writing, Litecoin is price $96.91.
Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox
Verify Price Action
Observe us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Each day Hodl aren’t funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal threat, and any loses it’s possible you’ll incur are your duty. The Each day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Each day Hodl an funding advisor. Please observe that The Each day Hodl participates in internet online affiliate marketing.
Generated Picture: Midjourney
