Crypto Technicals: Litecoin pops on halving day, fails to hold gains above $100

LTC/USD chart - Trading View 

Exchange - Coinbase

Support: 87.43 (Lower BB); Resistance: 102.43 (55-EMA)

Technical Analysis: Bias Neutral

LTC/USD pops and drops on halving day event on Monday. The pair hit highs at 107.04, but failed to hold gains and closed at 96.39.

Upside momentum in the pair fizzled out in the month of June when it peaked at 146 mark.

Price action has since then extended gradual grind lower and has hit lows of 76.63 on July 16th trade.

Halving event is expected to revive the bullish momentum in the pair and prove a catalyst for its next bull run.

Fundamental issues continue to weigh as observed by David Tawil, president of crypto hedge fund ProChain Capital.

David notes that according to data from GitHub, the developer activity in the cryptocurrency has been at its lower level since 2014.

Improvement in fundamental development activity is required to support price action.

Major trend continues to be bullish. Price extends trade in a 'Cup and Handle' pattern.

Pullback from highs have held above 200-DMA support. The pair is extending consolidation above 200-DMA.

Decisive break above 55-DMA could see upside resumption. Bullish invalidation only below 200-DMA.