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During the bull run of 2017, LTC reached an All-Time High (ATH) of $360. The bear as pulled the price down by 90.75%. The investors of 2017 and 2018 are in anticipation of a trend reversal, but the market has not yielded yet. The price of Litecoin is hovering in the 35$ range, with the price at the time of writing.
As the bear trend of 2018 continues in the first quarter of 2019, traders are still in apprehension about the market trend reversal or further downwards movement. An analysis by expert chart analyst Peter Brandt identifies a head and shoulder pattern in the LTC/BTC chart.
The head and shoulder pattern in a bear trend should signal a trend reversal. However, the possibility of a downfall cannot be neglected as well. On extrapolation, the 0.00984 BTC mark is identified as the break-out point with the low of H&S going below 0.007 BTC.
Litecoin’s block mining reward halves every 840,000 blocks, the coin reward will decrease from 25 to 12.5 coins on August 08, 2019. The last halving of Litecoin in August 2015 had little or no effect on the price of Litecoin. The countdown till the halving date is recorded here.
Lee Charlie noted, “There’s a small potential where miners could be not selling when the having happens so if the miners believe in the coin, in their mining the coin at potentially in loss, after they’re halving they would still mine and not sell, in that remove some selling pressure on the market which helps the price.
So that could help the price a little bit but other than that I don’t think it has a huge effect on the price.”
The price of Altcoin and Bitcoin have been equally affected by the bears in the past four to five quarters, although some altcoins have reached a point of no return, the prevailing sentiment for cryptocurrency is bullish. The traders are expecting a decoupling of the prices of altcoins from Bitcoin in the coming days. The expected move up or down could change the current BTC-ALTCOIN dominance statistic.