LTC Facing Critical Support Levels: Why Litecoin’s Post-Halving Rebound May Take Time

Cryptocurrency analyst Rekt Capital delved into the performance of Litecoin (LTC) in the wake of its latest halving event. The analysis was nothing short of meticulous, highlighting key patterns and historical trends that could shape the cryptocurrency’s future. Here, we expand and elaborate on Rekt Capital’s observations, offering a comprehensive look at what may lie ahead for Litecoin.

Remarkably, Litecoin executed its pre-halving rally with surgical precision, hitting a snag at the orange diagonal resistance level just one month before the halving event. Since that point, the cryptocurrency has seen a significant pullback, declining by 53% at the time of Rekt Capital’s analysis.

However, it’s crucial to note that Litecoin has a historical tendency to retrace between 73% and 83% following its halving events. This suggests that the current retracement may not have reached its nadir, and there could be more downside to come.

Rekt Capital posits that Litecoin is likely to breach its current green Higher Low support level as it seeks to establish a new Accumulation Range. This is a critical phase where investors accumulate the asset at a relatively stable price before the next uptrend.

The behavior of Litecoin post-halving has varied in the past. The first post-halving period saw Litecoin plummet dramatically, finding a bottom within just one month. In contrast, the second post-halving period required several months for the cryptocurrency to establish a new generational bottom and Accumulation Range.

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The Bitcoin Factor

Interestingly, Rekt Capital also brings Bitcoin into the equation. Given that Bitcoin’s market behavior has been somewhat sluggish in this cycle, it could influence Litecoin’s post-halving trajectory. The slower pace of Bitcoin might imply that Litecoin could take a longer time to find its new Accumulation Range bottom.

The Road Ahead: More Capitulation Needed?

In conclusion, Rekt Capital leans towards the possibility that Litecoin will require a more extended period to find its new Accumulation Range. This could mean that the cryptocurrency may have to relinquish its current green Higher Low support level, necessitating further capitulation from investors.

As the crypto market continues to evolve, these insights offer valuable perspectives for traders and investors alike, helping them navigate the volatile landscape that is cryptocurrency investing.

You can view our Litecoin price prediction here.

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Rahul Nambiampurath
Rahul Nambiampurath

Rahul Nambiampurath's cryptocurrency journey first began in 2014 when he stumbled upon Satoshi's Bitcoin whitepaper. With a bachelor's degree in Commerce and an MBA in Finance from Sikkim Manipal University, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has helped DeFi platforms like Balancer and Sidus Heroes — a web3 metaverse — as well as CEXs like Bitso (Mexico's biggest) and Overbit to reach new heights with his media outreach skills and digital marketing maneuvers. For the past six years, he has also covered major crypto events for leading publications, with expertise spanning DeFi, DAOs, NFTs, and everything decentralized.

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