LTC Fell to Its Lowest Level since Early May: Halving did not help the coin

LTC Fell to Its Lowest Level since Early May: Halving did not help the coin

The Litecoin (LTC) is losing value along with the rest of the market, and even the recent halving could not help it recover. Recall that in early August, the award of miners in the LTC network was halved. Because of this, many analysts were sure that halving would positively affect the price of Litecoins, as the supply of coins on the market would decrease due to the fact that it would become less profitable to mine them.

It is worth remarking that indeed, initially the prerequisites for such a forecast took place since at the beginning of summer the LTC rate reached $150. But after the halving, the price of the coin began to rush down fast. Earlier, the creator of the coin, Charlie Lee, said that after a halving, the rate, on the contrary, could show a fall, well, he was right.

At the time of writing, LTC is trading at around $74 and the probability of breaking through a strong resistance level of $70 is quite high. The last time the LTC rate was at this level is an early May of this year.

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