Coincu claims that Litecoin (LTC) has been unable to overcome a consistent resistance level at $70 since mid-August despite numerous tries. LTC witnessed a slight decline from its level of $68.46 on September 20th. Even while it is still a well-liked option for portfolio diversification, Litecoin’s performance in 2023 has been subpar when compared to the whole cryptocurrency market.
LTC experienced a notable 18.6% return last week to reach $68 thanks to purchases made by LTC whales when the price was falling. Prior to the impending Federal Open Market Committee (FOMC) meeting, the buying pressure has decreased. Currently, buyers are defending the $63 level but are unable to go above the crucial $70 threshold, keeping LTC’s price trapped in the $65 region.
Technically, there is a chance for a short-term recovery because Litecoin could temporarily return to $70 if it bounces off of its long-standing rising trendline support. Long term, however, LTC is under intense negative pressure following the halving and must surpass the $71.55 mark to resume its upward trend. Litecoin supporters are hoping for a breakout as the cryptocurrency market waits for the FOMC meeting, but the market is still guarded.