Why did Litecoin fall 25% after halving? Analysts say the downtrend will change

Litecoin has been shrouded in negative sentiment lately, mainly due to its bland price movements after the recent halving event and the most recent dust attack. This dust attack affected nearly 300,000 LTC addresses on Binance.

Although optimism around LTC is waning, analysts are now cautiously pointing out that cryptocurrencies may be approaching the “basic support” level, and then there may be a shift in recent downtrends, and today's price performance may support this view.

Litecoin prices have plummeted 25% since the halving incident

At the time of this writing, Litecoin rose nearly 7% at the current price of $76.45, marking a slight rebound in Litecoin from the recent low of $71.

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Since the halving of the Litecoin in early August (which is widely regarded as a catalyst for bullishness), the price of this cryptocurrency has fallen by nearly 25%, which is a sign that many analysts claim that halving will push LTC higher. A disappointing response.

However, it is important that this poor price performance occurs during periods of significant uncertainty in the encryption market, and LTC's recent price movements are largely consistent with many other major currencies.

Loma, a popular cryptocurrency analyst on Twitter, explained in a tweet yesterday that although people hold conflicting views on Litecoin, he believes that the current transaction price of Litecoin is only slightly higher. At the "bedrock support" level, today's soaring prices may confirm this view.

"If you want, let me move. Let's assume for a moment that $LTC is actually not a scam. Let's assume that, in some way, incredibly, encrypting twitter for the first time is wrong. An objective chart shows that In a falling wedge, the bedrock supports the LTC. This is the biggest opportunity."

Has the LTC dust attack affected recent price movements?

Recently, the Litecoin wallet on the cryptocurrency exchange Binance suffered a wide-ranging “dust attack”, and the scammer sent a small amount of LTC (called dust) to hundreds of thousands of wallet addresses to get information about end-user data. .

"The recent $LTC dusting attack against @binance affected 294,582 addresses. In our analysis, we also found a similar large-scale attack in April this year."

Subsequently, these scammers attempted to extort the wallet owner with data about the wallet owned by the wallet owner, but the attack was only effective when the user transferred the dust transaction they received.

Although it is unclear whether the attack has put downward pressure on the price movement of Litecoin, it is undoubtedly another factor that may shock some LTC investors and adds to the current negative sentiment surrounding this cryptocurrency. Some pressure.

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