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  • 24h Vol: $98,115,611,865.80
  • BTC Dominance: 51.65%

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What is the reason behind the decrease in Litecoin's price today?

What is the reason behind the decrease in Litecoin’s price today?

Litecoin’s price is down today, following a broader pullback trend in the cryptocurrency market. The decline started before the market’s correction and was driven by overbought conditions and a drying buying sentiment leading up to Litecoin’s halving on August 2. Despite the selloff, long-term holders of Litecoin remain bullish, as indicated by the accumulation sentiment among hodlers. However, data shows that whales, or the richest investors, have been selling off their Litecoin holdings. This selloff is seen as a typical post-halving event, with the price eventually finding an accumulation range before rebounding to establish a new record high. Historically, Litecoin has retraced between -73% and -83% after its halving before entering a new accumulation range. If this pattern repeats, Litecoin could fall towards $40 in the coming months. However, technical analysis suggests a potential bullish reversal in the near future, with Litecoin’s price currently trending lower inside a falling wedge pattern. A breakout above the upper trendline could lead to a rise in price towards $83.25 to $95.75 by October.

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