Litecoin (LTC)

Litecoin faces declining prices despite increased retail accumulation, raising questions over whether LTC is overvalued relative to current demand and utility.

Crypto trader Feras cautions against investing in old altcoins, stating that 99.99% fail to survive past one cycle, contrasting Bitcoin’s resilience.

Litecoin has seen a bounce in the last 24 hours but remains stuck in a long-term downtrend based on weekly and monthly charts. Traders can explore long setups on shorter timeframes but should be cautious overall.

Litecoin plunged on the news of its delisting from Binance which is reducing BUSD pairs, while new meme coin Pomerdoge saw demand spike amid promises of play-to-earn gaming rewards.

XRP has surged past other altcoins lately but is consolidating after its epic rally spurred by a favorable ruling in Ripple’s ongoing SEC lawsuit.

Litecoin is set to have its third halving event on August 3, 2023, where the reward for miners processing transactions will be cut in half from 25 to 12.5 coins per block.

Litecoin’s price has declined today partially due to the overbought conditions it was facing, as well as the anticipation of the release of the Federal Reserve’s meeting minutes.

According to the most recent analysis of Litecoin’s price, there is a bearish trend despite its attempts to exceed the resistance level of $92.8.