Litecoin continues to fall. The course of Bitcoin having fallen close to $25,000, altcoins followed. While Litecoin experienced a bullish event with its third halving on August 2, 2023, the course winces. Indeed, since the reduction in rewards for miners, the price fell by almost 35% before recovering. Currently, the course of Litecoin evolves around $65, but is the fall over? Let’s look at the graphical situation of the fifteenth cryptocurrency in the ranking of the Coinmarketcap site.
Litecoin in the lead when it comes to payments on BitPay
BitPay is a highly developed cryptocurrency payment service in the world. The company was founded in 2011, and its cryptocurrency payment service is now available in no less than 229 countries.
According to data from BitPay, the Bitcoin is the cryptocurrency that is the most used for transactions. Nonetheless, the Litecoin is located just behind Bitcoin, and ahead of Ethereum, Dogecoin or Bitcoin Cash.
Data from IntoTheBlock shared in This item show that the total number of addresses, and the total number of active addresses have strongly increase since 2019. Also, the number of transactions and the hashrate has evolved to rise since the last halving. All these data show that, four years later, the Litecoin Has much stronger foundations. Users continue to turn to the 15ᵉ cryptocurrency in terms of market capitalization.
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Litecoin back at $65 support
Since top near $115the course has dropped by 50%. Traders have clearly taken profits since the Litecoin halving. Therefore, the price is back at the support level at $65.
While the price showed a bullish momentumthe recent drop caused the price to close below the last low at $71. It will be necessary to find a momentum with troughs and ascending peaks to be optimistic on this asset again. The price could rebound to the level of the support at $65, but it will soon face double resistance. Indeed, the institutional bias (EMA 9/EMA 18) is now bearish and it will act as dynamic resistance. Also, the price could be rejected at the resistance level at 80 dollars. If the support is lost, the price could reach the next support at $50. The RSI will also need to regain bullish momentum so buyers can pick up the momentum.
Since the halving of Litecoin, the price has dropped 35%. The course is very fragile for a few weeks, and buyers are going to have to defend the $65 bracket to avoid going back to 50 dollars. Even if the price falls, the Litecoin East the most used cryptocurrency on BitPay, just behind Bitcoin. Bitcoin remains the top choice for BitPay users, but Gen Z prefers Ripple’s XRP in South Korea.
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