To the delight of every participant in the cryptocurrency ecosystem, the Litecoin (LTC) halving event took place earlier this week. The third halving in the Litecoin ecosystem was anticipated with great fervour since many people believed that the price would skyrocket after the event.
Bulls appear to have abandoned the network soon after the halving, based on the current perspective of the market activity around the Litecoin protocol. After losing as much as 3.82% of its value overnight, Litecoin is currently trading at a price of $82.77. after the price of LTC has consistently fallen after the halving event, the losses have increased to more than 9% during the previous seven days.
Although the present gloomy view could just be short-lived, other significant performance indicators on the Litecoin network demonstrate that it is more extensive. For instance, the continuous price attack has caused the LTC trading volume to plummet by a staggering 25.99%.
By looking at the present price level, we can conclude that the bulls are in their cooling phase. Over the last week, LTC had a very strong trading volume, which contributed to driving the price to a high of $92.51.
Possible turnaround for LTC
The present price decline is unsustainable, just as the big price run up before the halving was impetuous and unavoidably unsustainable.
In truth, the halving event is positioned to improve the long-term economics of LTC by causing a 50% drop in the total token production, which can boost the value of the LTC currency when demand increases.
Litecoin has retained its position as one of the most recognisable payment protocols in the blockchain ecosystem, regardless of what the present price outlook suggests. When other favourable elements are taken into account, the odds that the price will return to its usual range are pretty strong.
