Over the past 24 hours, we have observed a rather muted performance from LTC, with an uncharacteristic dip to $96.73, marking a 1% drop in price. A closer look at the past week reveals a downturn of nearly 10%, though one cannot discount the fact that there was a 25% rise in the preceding month. This uptick could be attributed to the upcoming Litecoin halving, due in August, which has set tongues wagging among investors.
Yet, we can’t disregard the theory that the market’s anticipatory nature could have led to the recent lackluster performance. A firm adherent to the ‘sell the news, buy the rumor’ philosophy might argue that the market has factored in the Litecoin halving and doesn’t foresee any substantial gains in the near term.
Conversely, altcoins, notably Thug Life Token (THUG), are attracting attention. Their burgeoning success in recent presales suggests a strong performance post-listing, causing a potential market stir.
Looking at LTC’s intriguing chart performance, one could predict a possible recovery. Parameters such as the relative strength index indicate resilience, marred by recent minor dips, and the 30-day moving average tappered off its plunge against the 200-day average. This, coupled with the increasing support level, paints a positive picture for Litecoin’s near future standing.
However, a particular concern is LTC’s performance leading up to its halving event. As previously noted, halving events usually boost coins’ market presence, yet Litecoin seems to be taking a detour from this tried and tested path. While Litecoin’s detractors may shrug this off as another example of its secondary status to Bitcoin, others weary of potential modest and temporary gains might want to divert their attention to emerging digital assets knocking on the market’s door.
Among those, THUG steals the limelight. The ERC-20 meme coin, embracing the gritty aesthetics of urban culture and hip hop, has collected more than $1 million in its presale and crafted an enthusiastic community of supporters. The coin’s decentralized nature, in combination with its 70% presale allocation, gives investors a sense of greater ownership, and consequently, loyalty towards the newly-minted token. Though it must be acknowledged that this is contingent upon THUG‘s successful launch.
While crypto space is nothing if not dynamic, it’s also inherently risky. As always, the information contained herein shouldn’t be mistaken for financial advice, but as another voice contributing to the chorus of analysis around digital assets.
Source: Cryptonews
