BTC is trading above $42,000 and LTC price is at $72.5 at the time of writing. So what will happen in the coming hours? The exciting part is that the Fed interest rate decision has not been announced yet at the time of writing, so it might be surprising to see targets and expectations reach you after the decision and see pricing begin.
LTC Commentary
Since April 2021, the LTC price, which has been lingering below the downward trend line in the weekly chart, saw $40 in June 2022. After the Terra collapse, the markets had tough days and this decline was not surprising. In June 2023, however, the upward movement led to a breakout from the trend line, but the rally was short-lived.
The most recent upward movement began in October and we saw the trend line break again in November. LTC’s price started a new recovery last week as it managed to maintain the trend line as support, but the BTC decline also undercut this.
For those who say it’s finally today. Today LTC is finding buyers at $72.5 and the direction will depend on BTC’s price performance. It might be useful to examine the opinions of a few analysts at this point. First in line is Xero Crypto, who claimed that the Grayscale Litecoin trust would catch up with the LTC price. GSOL and GBTC had brought significant increases to the related cryptocurrencies, but this was triggered by institutional demand.
“Grayscale LTC trust already has a value of over $100 per coin. It’s time to catch up with the spot price.”
JoaoDevesa argued that due to the decreasing supply, LTC’s price would perform better than BTC. Fernando Sperandio agreed but expected volatility in the short term.
LTC Price Prediction
The daily chart is sending uncertain signals. While the price escaped from the decreasing resistance line, it failed to experience a significant recovery above $68. The recovery that began on December 7 ended at the $79.53 resistance. Today, we saw a decline to $70.15 due to Fed anxiety. In December, $68 acted as the bottom support.
If the markets experience a rapid decline after the Fed, it’s likely that the price will retract to $65 after the $70 and $68 regions. Long tails in the $68-$70 region indicate that buyers emerge during declines. Therefore, a reactive rise should come from here. If the initial supports are lost, we could see a drop to $58, but in the opposite scenario, resistance levels of $76 and $92.5 will come into play.
In the next few days, it’s likely that the price will swing to one of these extremes.
