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Recently Litecoin was shrouded in a negative sentiment, to which it was mainly eradicated its lackluster price action following its recent halving event and a recent poaching attack that hit almost 300,000 LTC addresses on Binance.
Despite the diminishing optimism surrounding the LTC, analysts are now cautiously noting that the cryptocurrency could approach a "base support" level that could be followed by a shift in its recent downward trend , and today's price performance could support this notion.
The Litecoin price drops 25% from the event halved
At the time of writing, Litecoin is trading almost 4% at its current price of $ 76.40, which marks a slight recovery from its recent low of $ 71.
From Litecoin's halved event at the beginning of August – which was widely seen as a bullish catalyst – the price of cryptocurrency declined by almost 25%, which marks a very disappointing reaction to an event that many analysts had claimed that it would push the LTC higher.
It is important to note, however, that this poor price performance occurred at a time of great uncertainty in the cryptocurrency markets and the recent LTC price action was largely in line with that observed by many other major altcoins.
Loma, a famous cryptocurrency analyst on Twitter, explained in a tweet yesterday that, despite the conflicting opinions held on Litecoin, he believes that it is currently traded just above a "basic support" level – and l & # 39; Today's price wave could validate this notion.
"Humor me if you want. Suppose, for a moment, that $ LTC is not actually a scam. Suppose that somehow, inconceivably, Twitter encryption is wrong for the first time. An objective graph shows LTC on the substrate support in a descending wedge. Point of maximum opportunity, "said Loma.
Humor me if you want. We suggest, for a moment, that $ LTC actually it's not a scam. Suppose that somehow, inconceivably, Twitter encryption is wrong for the first time.
An objective graph shows LTC on the substrate support in a descending wedge. Maximum point of opportunity. pic.twitter.com/qSH8xkNSji
– Loma (@LomahCrypto) 18 August 2019
Has the LTC dust attack affected the recent price action?
Recently, the Litecoin portfolios on the popular Binance cryptocurrency exchange faced a widespread dusting attack in which scammers sent a small amount of LTC (known as dust) to hundreds of thousands of wallet addresses in an attempt to obtain information on the data from the End user.
Subsequently, these scammers use this information to try to extort portfolio owners using the data they have on their portfolios, but the attack is only effective if the user transfers the dust they received.
The recent $ LTC dusting attack @binance interested 294.582 addresses. During our analysis, we also discovered a similar large-scale attack in April. pic.twitter.com/T0lMBN6VPG
– glassnode (@glassnode) 15 August 2019
Although it is unclear whether this dusting attack has added downward pressure to Litecoin price action, it is certainly another factor that could have caused some LTC investors to jump and add some pressure to the negative sentiment that is currently surrounding the cryptocurrency.
Featured image of Shutterstock.
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