Reasons Behind the Rise in Litecoin Price and LTC Price Predictions
September 19, Tuesday is passing with an increase in cryptocurrencies. BTC has not yet closed above the critical $27,800 level. However, significant recoveries have occurred in most altcoins. The year 2023 has been a period when altcoins found new historical lows. The LTC price recently dropped to the $50 region, reaching a new annual low.
Why is Litecoin Rising?
First, let’s remember the technical outlook. We mentioned earlier that the price could exceed $70 in the past few hours. On the other hand, we saw that LTC’s price increased due to the improvement in overall market sentiment and BTC surpassing $27,400 again. Therefore, the price rose to the $68.5 region today.
The most notable topic in the market this week is the interest rate decision to be announced tomorrow. The Federal Open Market Committee (FOMC) has to say something about the interest rate ceiling. According to the FedWatch data, the dominant view is that interest rates will remain unchanged in this meeting. It is expected that the interest rates will remain in this range for the next meetings. Therefore, we can say that the expectation of the interest rate ceiling announcement is dominant tomorrow evening.
LTC Coin Price Prediction
Litecoin’s market gains on September 19 came as part of the recovery trend that started last week. Especially, purchases started near what seems to be long-term rising trendline support that has limited Litecoin’s downward attempts since December 2018. We discussed in detail how the whales bought the dip in this area yesterday.
Technically, a price jump from the rising trendline could lead to a recovery in the resistance area as shown below. This means that the critical $80 region and above can be visited. The $78-80 region, which served as support in March 2023 and June 2023, appeared as a strong resistance in January.
At the time of writing this article, BTC price had recovered from $27,400 and was gathering strength for a new upward move. Most altcoins did not respond to BTC’s rise with a massive rally. Perhaps, while there are so many doubters, BTC could surprise and make a rally of $5,000 to $8,000 in the weekly?