Time is coming to the end of June, and LTC is getting closer and closer in August. The two major exchanges, Firecoin and OKEx, have launched activities to promote LTC spot and contract transactions. However, as the BTC continues to break through the integer mark, it is close to the 14000USDT mark. LTC has continued to fall after breaking through the 145USDT mark, and is currently hovering at 131USDT. After halving, LTC is sluggish, and the price expectations brought about by halving are over?
Throughout the middle of June, the price of LTC showed an overall upward trend, and even a one-day explosion of 12.23% (June 7) and 10.98% (June 12) "bull market". The call for LTC to break through 150, 160, and 170 dollars is endless. In late June, OKEx and Firecoin launched LTC activities one after another. OKEx launched the LTC delivery contract opening red envelope activity on the 17th, and the delivery contract meets a certain amount to receive the red envelope. A few days later, the "Create OKEx Wallet, LTC Airdrop" campaign was launched. The fire currency is not to be outdone. On the 19th, the Fomo LTC event was launched, and all the LTC transactions were awarded 50% of the commission fee to the users of the trading or holding LTC. Stimulated by various activities, LTC's trading volume is still relatively active, but in general it is still less than in early June. According to the fire currency data, LTC never broke through $141 after hitting $145.8 on the 22nd. It temporarily reported $130.97 today and fell 4.64% in 24 hours. Some investors even believe that the LTC trading volume is declining, and the big players need to take advantage of the activities of Dongfeng to take the opportunity to ship. After all, LTC has more than doubled from the low point to the present.
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Source: Fire Coin
With the decline of LTC today, many technical analysts are not optimistic about the short-term future trend of LTC. Analyst Chen Chuchu believes that the LTC daily Bollinger band opening condensation is parallel, and the price has fallen below the Bollinger Band. At this stage, the trend has entered the downtrend channel, so the price will not return to 135 US dollars in the short term, then the trend will tend to Downside, it formed a sharp correction. The Babbitt Viking columnist talks about the currency. In the article, the recent trend of LTC has been relatively weak. Now 5 antennas and 10 antennas have formed a dead fork, and the MACD indicator continues to keep the dead fork down. It is expected that the target will be Continue to look down on the support of $125 and see if the volume can stabilize at that point. Individuals tend to think that they can't stabilize at this point, and they will continue to look for support and pay attention to risk.
Why is the LTC so languishing as it is halved? On the one hand, according to the situation when the LTC was halved in 2015, LTC reached an all-time high before halving, but began to fall 45 days before the halving occurred , and continued to fall. Of course, the current encryption market is very different from the one at the time. Perhaps the fall of LTC has already begun, but in the current bull market, it is only "wild."
On the other hand, not that LTC is not good enough, but that BTC is too good. The BTC hit a new high almost every few days, and the price curve between the mainstream currency and the BTC has been declining. BTC’s “blood sucking” on mainstream currencies is serious. In today's market, except for HT, a lot of mainstream currencies are all red, and only BTC shows a slight upward trend.
Source: Fire Coin
In many analyses we have seen that institutional entry is considered the main driver of this round of gains. In the context of the Sino-US trade war and the Brexit, only the safe-haven properties of BTC in the encrypted assets are recognized by some institutional investors. The news of the Bitcoin ETF is still appearing in the eyes of investors from time to time. The testing of Bakkt Bitcoin futures has attracted investors' attention to the BTC. At the same time, the high price expectations brought about by the halving of BTC in 2020 also gave investors confidence. According to a report released this month by digital currency fund Grayscale, the fund's investment in BTC has increased from less than 50% last year to 71.9% at the end of May. With the entry of institutions, the price of BTC has been rising, and the FOMO sentiment of retail investors has been accumulating. The reflexive performance of the encryption investment market has been carried out to the fullest extent: the more you buy, the more you buy, the more you buy.
The LTC is halved, but perhaps, this time the bull market is just the BTC bull market.