The price of Litecoin [LTC] recorded a sudden and significant plunge of over 5% an an hour on July 19. The Litecoin community on Twitter predicted a falling wedge forming in the short-term, with many online now speculating that the coin may fall to the $51- $58 mark, by the time of its halving in August.
Litecoin was one of the coins to bear the brunt of the bears that entered the market following the Congressional and Senate hearings on Facebook’s Libra. However, while Bitcoin and the altcoin market did rally subsequently to give hope to investors, the aforementioned drop in value implies otherwise.
Source: Trading view
After falling by 5.32% within the hour, Litecoin was valued at $98.179 with a market cap of $6.086 billion. The 24-hour trading volume of LTC was reported to be $4.549 billion, with CoinEgg exchange noting the highest trading volumes with LTC/ETH, LTC/USDT, and LTC/BTC pairs. LTC/ETH noted a volume of $447.51 million, followed by LTC/USDT pair with $435.17 million. LTC/BTC reported a trading volume of $301.00 million.
Contrary to the hourly loss in value however, Litecoin surged by 4.68% over the past 24 hours, while also reporting a fall of 6.79% over the past week. Many twitter users were also concerned about Litecoin’s falling 24 hour trading volumes. One of them, @CryptoRaani, noted the same and said,
“Let’s get some volume $LTC, Falling wedge break out attempt successful and now its time to try n close above it.”
