LTC’s price has dropped below its 50-Day Moving Average and is testing short-term support in the $88 area. A drop below this level could open the door to the next support area in the $75-77 region.
Despite the risk of a short-term setback, LTC remains in an uptrend that began in the second half of last year. As long as this uptrend remains intact, it’s likely only a matter of time until we see a convincing break to the north of the $100 level.
Bullish sentiment towards LTC is on the rise on crypto Twitter. Many users are citing the upcoming halving, which will see Litecoin’s inflation rate halve for a third time in August, as a long-term bullish driver.
Despite the regulatory fears and market swoon, Litecoin’s price remains in an uptrend that began last year. The upcoming halving and the CFTC’s characterization of certain cryptocurrencies as commodities could give the sentiment a boost in the near term.