Crypto Analyst Is Bearish On Litecoin – LTC Flashes Vibes Of Late 2021 Correction

There are reports that a prominent crypto analyst has a negative outlook on LTC. You can read the latest updates on the digital asset’s price below. According to a well-known crypto strategist, Litecoin’s pre-halving surge may have already reached its highest point. The analyst, who goes by the name Kaleo on Twitter and has a following of 593,200, suggests that the peer-to-peer payments network could be following a pattern similar to its price movement in the latter half of 2021, when it saw a 187% increase before entering a bear market that lasted for several months.

According to the analyst, Litecoin recently respected its bear market trendline when LTC bulls failed to sustain momentum above $110.

“Here’s why I flipped short on LTC:

1) Clear rejection at resistance. Retrace after the recent range breakout looks incredibly similar to what we saw at the end of 2021, which resulted in new lows.”

It has been also revealed the fact that Kaleo is looking at the performance of LTC prior to its 2019 halving event. According to the trader, the previous halving marked the beginning of a downtrend for LTC.

“2) The halving is around the corner (date is ~August 2nd). As much as this has been hyped up as a bullish event, that isn’t necessarily what happened in the past. Let’s take a look at what happened after the last halving (8/5/19). It was a sell-the-news event. Price nuked.”

Trader Michaël van de Poppe, who has a significant following of 660,000 on Twitter, suggests that AVAX appears to be in a bullish position after briefly surpassing the resistance level of $14.

Van de Poppe further adds that Avalanche may undergo a cooling-off phase before launching into the next upward trend.

“Great move here, breaking through previous highs. Swept all the highs, so some consolidation seems likely. In that regard, areas at $12.70-$12.95 are potentially for buying the dip towards $16.”

Currently, AVAX is being traded at $13.33. Moving on to Zilliqa (ZIL), which is a blockchain specifically designed for business solutions.

According to Van de Poppe, ZIL may experience a decline to approximately $0.018 after seeing a 60% increase in value within a month.

“Good move on ZIL earlier, as we took out all the highs.

That’s why I’ll be waiting for these lows and then start investigating for longs.”