Litecoin is Going to Zero as LTC Price Plummets 10% But All Attention is on Thug Life Token as 5 Day Countdown Begins

cryptonews.com:

The Litecoin price has dropped by 1% in the past 24 hours, with its dip to $96.73 coming as the cryptocurrency market as a whole gains by 1%.

LTC is now down by close to 10% in the past week but up by 25% in the last 30 days, as anticipation surrounding the upcoming Litecoin halving – due in early August – has got investors excited.

Yet it's possible that the market has finished pricing in the halving, and that LTC may not make any further significant gains from here on out, in an example of the 'sell the news, buy the rumor' truism.

However, there are other altcoins in the market right now that do look set up for big gains in the near future, with the successful presale of Thug Life Token (THUG) suggesting that the latter could rally strongly once it lists on exchanges in the next couple of weeks.

Despite its falls over the past week or so, LTC's chart suggests the possibility of a recovery, with its relative strength index (purple) recovering from an oversold 30 a few days to close to 50 today.

Similarly, LTC's 30-day moving average (yellow) has stopped falling relative to its 200-day average (blue), implying that the altcoin is likely to see some rises again in the near future.

This view is supported by the coin's support level (green), which has increased since the end of June, suggesting that if LTC falls again in the next few days, it may not fall too far.

On the other hand, it's arguably worrying that LTC has dropped when its halving is now less than a month away, given that a halvening event is usually the bringer of rallies (e.g. Bitcoin).

A number of analysts are predicting further gains though before the halving happens, as indicated by the fact that the number of Litecoin millionaires are generally increasing.

But