Analysis

Can Litecoin Reach The $70 Zone To Create Upcoming Momentum?

Key Points:

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.

LTC price chart. Source: TradingView

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.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.