The cryptocurrency market has been experiencing some bearish trends recently, with several altcoins posting significant gains, bucking the overall downtrend. Among these altcoins, Litecoin (LTC) stands out as one of the cryptocurrencies that could draw attention during August due to its upcoming halving and growing network activity.

Litecoin, often referred to as the “silver to Bitcoin’s gold,” was created by Charlie Lee in 2011. It was designed to address some of Bitcoin’s perceived shortcomings, such as slow transaction processing speeds and mining monopolies. Litecoin aims to be a faster and more efficient alternative for everyday transactions.

As of the current date, Litecoin’s price stands at $90.9, with a trading volume of $1.72 billion and a market capitalization of $6.71 billion. The total supply of LTC is 84 million, with approximately 73.33 million LTC in circulation. Despite the bearish market conditions, Litecoin has managed to increase in price by 0.6% within the last 24 hours.

One of the factors contributing to Litecoin’s recent price movement is Binance’s continued support for the Terra Classic community. Binance, the world’s largest cryptocurrency exchange by trading volume, recently conducted its batch 12 LUNC burn event on August 1. This burn resulted in the removal of over 1.41 billion LUNC tokens from circulation, reducing Terra Classic’s total supply to below 6.84 trillion.

Litecoin’s halving event is another crucial factor impacting its price and market sentiment. The halving, a much-anticipated event for the LTC community, occurs approximately every four years and reduces the subsidy for each block mined by 50% for every 840,000 blocks. Litecoin’s next halving is set to take place in August 2023, which will see the rewards for miners drop again to 6.25 LTC per block.

Investors are closely monitoring these developments, as Litecoin’s halving has historically led to price increases in the past. The reduction in block rewards reduces the inflation rate of LTC, making it scarcer over time and potentially driving up its value.

Moreover, Litecoin’s network activity has been on the rise, indicating a growing interest in the cryptocurrency. The Litecoin network recently completed its 170 millionth transaction, showcasing its rapid expansion. In the past seven weeks, Litecoin’s network has seen an addition of more than 10 million transactions, demonstrating increased adoption and usage.

Another significant development in the Litecoin ecosystem is the introduction of the MWEB feature. This feature allows users to make confidential transactions on the Litecoin network. With privacy becoming an increasingly important aspect of cryptocurrencies, the MWEB upgrade grants users the option of engaging in confidential LTC transactions.

Despite these positive developments, Litecoin’s recent price action has faced challenges. After a quick surge to $95, the price faced intense selling pressure and declined heavily toward the critical support level of $90. The bears dominated the market sentiment, leading to a decline in Litecoin’s price.

The technical analysis of Litecoin’s price charts reveals some interesting patterns. On the daily price chart, Litecoin’s RSI-14 trend line has declined below the midline at a level of 45, indicating that bulls are losing control. Additionally, the SMA-14 level suggests increased volatility in the coming hours.

On the 4-hour price chart, Litecoin’s price has dropped below the EMA lines, with bears aiming to send the altcoin below the crucial support level of $90. The BoP indicator is trading in a bearish region, and the MACD trend line shows a negative momentum, further strengthening the sellers’ positions.

However, there is still hope for Litecoin’s price to rebound. If the price manages to hold its momentum above $95.67, it may climb toward the next resistance level at $103.77. On the other hand, if bulls fail to initiate a surge, the price may drop below the immediate support line at $89.78, leading to a potential correction to $87.19.

As for the future price predictions of Litecoin, analysts have varying opinions. According to CryptoPredictions.com, Litecoin is projected to start August 2023 at $82.06 and conclude the month at $77.42. The forecast suggests that the LTC price could hit a maximum of $95.7, while the minimum price is expected to be $65.07.

Coincodex’s predictions anticipate a decrease in the value of Litecoin by -8.27%, reaching $98.02 by July 9, 2023. However, based on Coincodex’s technical indicators, the overall sentiment remains bullish, with a Fear & Greed Index score of 64, indicating greed in the market.

Long-term predictions by Digital Coin Price suggest bullish growth for Litecoin, with the value surpassing $237.35 in 2024 and reaching as high as $2,015.28 by 2032.

Overall, Litecoin’s performance in the coming months will be influenced by various factors, including the outcome of its halving event, network activity, and the broader cryptocurrency market sentiment. As more developments unfold, investors will closely watch Litecoin’s price movements to make informed decisions.