Contrary to the expected rise since the halving event on August 6, a comment came from cryptocurrency analyst Ali Martinez for Litecoin (LTC), which has lost approximately 21% in value.
According to CoinMarketCap, LTC, which has lost 27% of its value in the past month, is trading at $65.53 at the time of this writing.
Chart with daily candles showing LTC’s depreciation.
Litecoin has reached a stable support wall between $63.22 and $65.19, where 215,000 addresses bought 3.81 million LTC, according to cryptocurrency analyst Ali Martinez.
Martinez said that this level should stay strong for a potential rebound to $75, the next major resistance level. However, if Litecoin fails to hold above this support wall, it could trigger a sell-off that could drop the coin to $50, the lowest point since December 2020.
LTC price reached an all-time high on May 10, 2021 and hit $412. The token has since lost approximately 84.14% of its value.
*Not investment advice.