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The Litecoin (LTC) halving event took place earlier this week, to the amusement of every member of the crypto ecosystem. The halving is the third in the Litecoin ecosystem, and a lot of hype was generated prior to the event amid broad anticipation that the price will soar following the halving.
From the current outlook of the price action around the Litecoin protocol, bulls appear to have deserted the network, shortly after the halving. Litecoin is trading at a price of $82.77 after losing as much as 3.82% of its price overnight. The consistency in the slump in the price of LTC since the halving event has pushed the losses to more than 9% in the trailing seven-day period.
While the current bearish outlook may be temporary, other key performance metrics on the Litecoin network show it is more encompassing. For instance, the LTC trading volume has dropped by a massive 25.99% amid the ongoing onslaught on prices.
Over the past week, LTC recorded a very high trading volume, which helped push the price to a high of $92.51, and by the current price level, we can say the bulls are in their cooling phase.
Possible turnaround for LTC
Just as the massive price run ahead of the halving was impulsive and predictably unsustainable, so too is the current slump in price.
In reality, the halving event is poised to bolster the overall economics of LTC in the long term, seeing it initiate a 50% reduction in the total token production which, when demand picks up, can positively drive the valuation of the LTC coin.
Irrespective of what the current price outlook depicts, Litecoin has maintained its stance as one of the most iconic payment protocols in the blockchain ecosystem, and the chances that the price will return to normal range are quite high when other positive fundamentals are priced in.
Alex Dovbnya
Arman Shirinyan
