CDS Crypto News Is Litecoin Price Ready to Break into the 70-Dollar Range and Generate Momentum?
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Is Litecoin Price Ready to Break into the 70-Dollar Range and Generate Momentum?

Litecoin (LTC), a prominent cryptocurrency, has been facing a persistent resistance level since mid-August. Despite numerous efforts to surpass the $70 threshold, bears have maintained their dominance.

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Is Litecoin Price Ready To Break Into The 70-Dollar Range And Generate Momentum

Crypto News– On September 20th, Litecoin (LTC) experienced a slight correction, slipping from its position at $68.46. Despite its status as a favored choice for portfolio diversification, LTC’s performance in 2023 has been relatively lackluster when compared to the broader cryptocurrency market.

Is Litecoin Price Ready to Break into the 70-Dollar Range and Generate Momentum?

Last week, LTC saw a notable 18.6% rebound to $68, thanks to significant purchases by LTC whales during a market dip. However, with the approaching Federal Open Market Committee (FOMC) meeting, the buying pressure exerted by these whales seems to have diminished.

Is Litecoin Price Ready To Break Into The 70-Dollar Range And Generate Momentum

Currently, LTC’s price remains confined within the $65 range. Although buyers have successfully defended the $63 level in recent weeks, they have struggled to breach the crucial $70 threshold. From a technical standpoint, there is a glimmer of hope for a short-term revival, as a bounce from Litecoin’s well-established ascending trendline support may temporarily propel it back to $70.

Yet, considering the long-term perspective, Litecoin has encountered substantial headwinds since its significant halving event in August. To regain its upward momentum, LTC must overcome the 23.6% Fibonacci zone, situated at $71.55.

While Litecoin enthusiasts remain optimistic about a potential breakout, the cryptocurrency market as a whole remains cautious, closely monitoring developments during the upcoming FOMC meeting that could influence Litecoin’s trajectory in the days to come.

Is Litecoin Price Ready To Break Into The 70-Dollar Range And Generate Momentum?

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