Can Litecoin Reach The $70 Zone To Create Upcoming Momentum?
- Litecoin (LTC) has continued to struggle with the $70 resistance level since mid-August, despite intermittent rebound attempts.
- LTC saw an 18.6% rebound recently when whales bought the dip, but buying pressure has cooled ahead of the Federal Open Market Committee (FOMC) meeting.
- In the long term, LTC faces strong bearish pressure post-halving, needing to surpass the $71.55 level to regain its upside momentum.
Litecoin (LTC), one of the prominent cryptocurrencies, has been grappling with a persistent resistance level since mid-August. Despite multiple attempts to breach the $70 mark, bears have consistently held the upper hand.
On September 20th, LTC saw a minor adjustment, dipping from its $68.46 position. While Litecoin remains a popular choice for portfolio diversification, its performance in 2023 has been lackluster compared to the broader crypto market.
Last week, LTC witnessed a notable 18.6% rebound to $68, thanks to purchases by LTC whales during a dip. However, as the next Federal Open Market Committee (FOMC) meeting looms, buying pressure from these whales appears to have waned.
Presently, LTC’s price remains stuck in the $65 range. Although buyers have managed to defend the $63 level in recent weeks, they have yet to push the price past the critical $70 mark.
From a technical perspective, there is hope for a short-term resurgence, as a bounce from Litecoin’s long-standing ascending trendline support could propel it back to $70 temporarily.
However, taking a long-term view, Litecoin has faced considerable headwinds since its important halving event in August. To regain its upside momentum, LTC must surmount the 23.6% Fib zone, standing at $71.55.
While Litecoin enthusiasts hope for a breakout, the crypto market remains cautious, watching closely for any developments during the upcoming FOMC meeting that could sway Litecoin’s trajectory in the days ahead.
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