Digital Silver, despite being the third-largest gainer in the top-10, in 2019 alone has been on a bit of a slump. Following its block halving at the start of the month, the 5th largest cryptocurrency on the market has lost 49 percent of its price since late-June when it was priced at $144. To put that in perspective, LTC, at press time, is trading at under $74.
The anticipation of the halving, saw the coin reach $144, following which the coin’s price took a tumble, dropping by 16.95 percent in three days between 8 July to 11 July. The price continued to drop below the support of $87.65, as the price only rebounded at $79.63, adding $20 in nearly 3 days. However, on 13 August, as the price dropped by over 10.2 percent LTC fell below this rebound level, for the first time since 11 May.
A pennant has begun to form as the price dropped the trend line, following its 10.38 percent during the early part of August. With the price trading below $73, the support of $66.56 and $59.45 will be tested, if the bears continue to act. Digital silver has been trading above the aforementioned level since Bitcoin began to rally during the start of April.
When the daily chart is looked at with perspective, a downward channel can be observed beginning during the close of June as the LTC price reached its peak of $140. Since then, the price has been in freefall as can be observed by the channel which has lasted almost 2 months on the trot.
However, digital silver hopefuls can be optimistic as a breakout is on the horizon, as the price looks to struggle out of this channel soon.