Litecoin, the price suffers while waiting for the halving
Litecoin, the price suffers while waiting for the halving
Trading

Litecoin, the price suffers while waiting for the halving

By Federico Izzi - 30 Jul 2019

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With less than a week to go before halving, the critical phase of the Litecoin price continues. Halving is expected in the first days of August. This factor, which is usually associated with an increase in the value of the cryptocurrency as a result of the deflation of the coins issued, is not reflected in the price of Litecoin. 

Litecoin chart by Tradingview

Litecoin after having gone down to $80 in recent days, now fluctuates around $90, 65% away from the high at the end of June, when it had reached the annual record of $140, which was also a record in the last two years.

Source: COIN360.com

The sector today sees an alternation of green and red colours with a slight prevalence of the red sign with over 65% of the first 100 cryptocurrencies in negative territory. The day sees the first three oscillate just below parity. 

Cardano chart by Tradingview

Cardano (ADA) stands out even today, in the top 20 it marks one of the best rises with a modest 3% on a daily basis. For Cardano, this is the second consecutive day upwards. 

From a weekly point of view, TRON (TRX) stands out among the decreases, continuing to fall even today. TRON is among the worst of the week with a loss of 13%. 

The number of cryptocurrencies listed on CoinMarketCap surpasses 2,400. This happened a few hours after the announcement of the postponement (to October) of the decision of the judge of the Federal Court of New York, who decided to postpone by three months the verdict in the Bitfinex-iFinex-Tether case. 

The cryptocurrency sector has not been affected by this decision, unlike what happened at the beginning of the case, with the shaking of March.

Total market capitalisation remains just above 260 billion, below 265 billion, levels where it has fluctuated in recent days. Trading volumes remain in the average of the last week and below the average of the last two months. 

The dominance sees the bitcoin maintain 64.5% of market share while the levels of Ethereum and Ripple remain constant and equal to those of yesterday.

Bitcoin chart by Tradingview

Bitcoin (BTC)

Bitcoin is about to end the month of July in negative. BTC is looking for consolidation at around $9,500. At the moment there are no indications of a return of purchases or capital. Significant trading volumes were recorded between the various wallets, which amount to 450 million, 4,500 bitcoins, suggesting investments by important exchanges. Contrary to what happens between wallets, trades between exchanges remain modest, below the average of the last week. 

Without technical indications, it is better to monitor the seals of the supports that remain at about $9,200-9,000 at this stage.

Ethereum chart by Tradingview

Ethereum (ETH)

The descent of the last 48 hours brings the value of Ethereum back to around 205 dollars. It is very important to evaluate what will be the movement of the next few days.

Ethereum finds itself close to the end of the two-month cycle and at the beginning of the new two-month cycle and it is necessary for ETH not to go down past 190 dollars, otherwise, the downward speculation could lead to a slide towards the $155 area, a crucial level in a medium to long term perspective. 

For Ethereum, it is necessary to resume the $225 level, in order to reach the $235 area and then the most important area in a two-monthly perspective: $255-260. 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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