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Litecoin has been shrouded in negative sentiment lately, largely due to its bland price action following the recent halving event and the most recent dust attack. The dust attack affected nearly 300,000 LTC addresses on Binance.
While optimism around LTC is waning, analysts are now cautiously pointing out that cryptocurrencies may be approaching "bedrock support" levels, followed by a recent shift in the downtrend, which today's price performance could support.
Litecoin price plunged 25% since the halving event
At the time of writing, Litecoin is up nearly 7% at its current price of $76.45, marking a slight recovery from its recent low of $71.
The cryptocurrency's price has fallen by nearly 25 percent since Litecoin's halving event in early August, widely seen as a bullish catalyst, marking a very disappointing reaction to many analysts' claim that the halving will push LTC higher.
Importantly, however, this poor price performance comes during a time of great uncertainty in the crypto market, and LTC's recent price movements are largely in line with many other major altcoins.
Loma, a popular cryptocurrency analyst on Twitter, explained in a tweet yesterday that despite the conflicting views people hold about Litecoin, he believes that Litecoin is currently trading just slightly above the "bedrock support" level, and today's price spike may confirm this view.
"If you want, just give me permission." Let's assume for a moment that $LTC is not actually a scam. Let's assume that, in some way, incredibly, encrypted twitter was wrong the first time. An objective chart shows a BEDR-supported LTC in a falling wedge. This is the greatest opportunity. ”
Has the LTC dust attack affected recent price movements?
Recently, the Litecoin wallet on cryptocurrency exchange Binance suffered a widespread "dust attack" in which crooks sent a small amount of LTC (called dust) to hundreds of thousands of wallet addresses to obtain information about end-user data.
"The recent $LTC dusting attack on @binance affected 294,582 addresses. In our analysis, we also found a similar large-scale attack in April this year. ”
Subsequently, these crooks tried to extort the wallet owner with the data about the wallet in the hands of the wallet owner, but the attack only worked when the user transferred the dust transaction they received.
While it's unclear whether the attack has added downward pressure to Litecoin's price action, it is undoubtedly another factor that could shock some LTC investors and add some pressure to the current negative sentiment surrounding the cryptocurrency.
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