Litecoin (LTC) has been in the news over the past few weeks ever since it had announced the highly polarizing halving event. Miners used to get 25 LTC for each completed block, but from now on they will be rewarded with 12.5 LTC for the same job. It was a controversial move, and experts had either panned the move or stated that it will have a positive effect on the price of Litecoin.
The price of the coin remained unaffected after the halving event, but the price action remained tepid. However, a recent dusting attack on as many as 300,000 addresses led to a large decline in price and sent the token on another downward spiral.
In a nutshell, there is not a lot of optimism around Litecoin at this point in time, and the reasons are quite clear. However, there are certain Litecoin analysts who believe that the token is nearing a point, or ‘bedrock support,’ from which it could break the downward price trend and move upwards. Since the halving event took place, the price of Litecoin has plunged by as much as 25%, and it is not surprising that there is widespread pessimism in the community. Moreover, the founder of the coin has promised another halving a few years down the line.
However, it is important to note that Litecoin went ahead with this event even when the entire cryptocurrency market has been under a bit of pressure, and the prices of many tokens have faltered. The crypto analyst named Loma, who primarily expresses his views on Twitter, stated that since it is nearing bedrock supports, it is the “maximum point of opportunity” for investors who want to get in now.