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.

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.