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Cryptocurrency markets continue to remain optimistic following the latest macro data. Although clear upward trends have not yet started, the fact that BTC price has managed to stay above $26,300 is encouraging for investors. So what’s next for Litecoin (LTC), one of the largest altcoins?
Litecoin Analysis
At the time of writing, BTC price is finding buyers at $26,444. We have not seen a decline in the markets following the recent data. Investors seem relieved due to the data not being far from expectations as the Fed meeting approaches. The price of Litecoin (LTC) has been increasing since August 17, forming a double bottom formation. A convincing break from the decreasing resistance line will confirm the completion of the correction and the bottom being left behind.
As we mentioned in yesterday’s analysis, the price of LTC Coin has fallen below the decreasing resistance line on the daily chart. This decline, following the peak on July 3, led to a new low of $56 on August 17. At the time of writing, the price is finding buyers at $62 and the bulls seem hopeful.
LTC Price Predictions
In yesterday’s analysis, we mentioned the new ATH in the number of investors and the increasing accumulation in whales. When this upward expectation is combined with the deviation in RSI, breaking the trend line is expected. In this regard, the target is $85. The readings on the six-hour chart also support the upward expectation on the daily chart. Similar to the daily timeframe, there is a significant upward deviation in the six-hour RSI.
The price, which surpasses the resistance line on the short-term timeframe, is also aiming for $85. However, despite the upward expectation supported by these two charts, the failure to break out of the long-term descending resistance line may cause the price to drop to the $50 region.
Apart from the upcoming Fed meeting on Wednesday, there are no significant developments. There has been no response yet to the appeal made by SEC regarding the summary judgment on XRP Coin. SEC has also not filed any objection regarding the Grayscale decision. Surprising developments regarding these two events could significantly increase volatility in the coming days. SEC approving the conversion of GBTC to an ETF could initiate a substantial upward movement for LTC and other altcoins.
