Key Points:
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.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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