As attention switched to the anticipated FOMC minutes on Wednesday, the value of Litecoin kept decreasing. LTC dropped to its lowest point since June 20th at $78.78. Since reaching its peak in July, the coin has decreased by more than 32%. Different forms of money, including Bitcoin, Ethereum, and XRP, have also declined.
FOMC meeting minutes
Due to the hoopla around the current halving event, Litecoin has lost momentum over the past few weeks. Cryptocurrencies typically perform well prior to a significant event and then decline shortly after. This is referred to as “purchasing hearsay” or “promoting information.”
The impending FOMC minutes would be the next major factor that might shift the value of LTC. The discussions that took place in the final assembly will be detailed in these minutes. It stated that the financial institution would raise interest rates by 0.25%.
In the past, Fed minutes have affected important financial assets like stocks and cryptocurrencies. But there’s a chance that LTC and other cryptocurrencies will just have a minor reaction to the minutes.
Additionally, they recently did not respond favourably to significant events. For instance, following last week’s US inflation data, Litecoin and Bitcoin continued to consolidate. The data showed that, except from housing, US inflation is declining at a rate that is quicker than expected.
There is a possibility that the Fed will stop charging for mountain climbing as a result. Given the increasing risks, some analysts predict that the bank may possibly start lowering fees in the first quarter of 2024.
Additionally, crucial information about China was overlooked by Bitcoin and Litecoin. Recently, the country’s financial statistics have been dismal. For instance, while retail sales and industrial manufacturing increased more slowly than predicted, its imports and exports declined.
Litecoin value prediction
The daily chart shows that since reaching a peak of $114 in July, LTC worth has been trending lower. At $82.50, the lowest point on June 28th, it has already fallen below the 50-day transferring average and the crucial support.
The Relative Energy Index (RSI) has moved to the oversold region, while the MACD indicator’s two lines have moved to almost minus 3. Additionally, it continues to trade below the critical resistance around $103.60, the highest point in February and March.
As a result, Litecoin will continue to experience losses going forward, with $64.77, the swing low from March 11, as the next level to watch. This value is 18% below the current level.
