- Immediately after the halving, Litecoin plunged below $100.
- The 100 Simple Moving Average 1-hour and the 50 SMA remain unconquered.
Litecoin refreshed the lows towards $90.00 after the retreat from Monday highs around $106.86. The price smashed through $100 level amidst the excitement surrounding the halving of mining rewards. On August 5, Litecoin mining rewards per block were cut in half from 25 LTC to the current 12.5 LTC. The halving is conducted every four years just like with Bitcoin. The next halving for Litecoin will take place in 2023.
Immediately after the halving, Litecoin plunged below $100. The bears took advantage of sending LTC below $92.00 support. A low formed at $90.97 which ignited the gains above the descending trendline as well as the 21 Exponential Moving Average (EMA) 1-hour chart.
At present, Litecoin market value stands at $93.48 following the shallow recovery. The 100 Simple Moving Average 1-hour and the 50 SMA remain unconquered.
On the flip side, the building bullish momentum is likely to grind higher towards the coveted $100. The momentum is also supported by the rising Moving Average Convergence Divergence (MACD). A break into the positive territory is likely to give the buyers a mega kick above $100.
LTC/USD 1-hour chart
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