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Analyzing Litecoin’s Price Pattern: Predicting an 18% Decline to $64

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Analyzing Litecoin's Price Pattern: Predicting an 18% Decline to $64
Analyzing Litecoin's Price Pattern: Predicting an 18% Decline to $64

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As Wednesday unfolded, Litecoin’s price extended its decline, capturing attention due to the impending release of the FOMC minutes. Witnessing a sharp descent, LTC reached a nadir at $78.78, marking its most subdued position since June 20th.

The cryptocurrency has endured a staggering 32% plummet from its pinnacle in July. Notably, this downward trajectory was not exclusive to Litecoin, as prominent counterparts, including Bitcoin, Ethereum, and XRP, also underwent retractions in value, fostering an atmosphere of cautious market sentiment.

Anticipating Market Response: Key Points from the Upcoming FOMC Minute

Source: Tradindview

Waning momentum has marked Litecoin’s recent weeks, contrasting with the enthusiasm surrounding its recent halving event. As has been the pattern, cryptocurrencies often experience a surge in value leading up to significant events, only to witness a subsequent dip shortly after. This phenomenon, often dubbed “buying the rumor, selling the news,” appears to have played out once again, leaving Litecoin and its enthusiasts navigating the aftermath of the hype-driven cycle.

The upcoming FOMC minutes can potentially drive the LTC price forward as they shed light on the recent interest rate decision. Having raised rates by 0.25% during the previous meeting, these minutes reveal the intricate discussions within the bank. Historically, the impact of Fed minutes has been notable on various financial assets, including cryptocurrencies and stocks.

The anticipation is for LTC and other cryptocurrencies to exhibit a subdued reaction, given their recent tendency to remain unresponsive to significant events. This trend was evident when Litecoin and Bitcoin maintained a consolidation pattern even after last week’s US inflation data, indicating a faster-than-anticipated inflation rate decline, excluding housing.

Considering the prevailing circumstances, there’s growing speculation that the Federal Reserve might halt its rate-hiking trajectory. Market analysts even contemplate the possibility of rate cuts in early 2024, attributing this potential shift to mounting risks. Interestingly, Bitcoin and Litecoin demonstrated a lack of reaction to critical updates from China.

The nation’s recent publication of weak economic figures, including diminished imports and exports alongside sluggish growth in retail sales and industrial production, failed to elicit a noteworthy response from these cryptocurrencies.

Analyzing Market Trends: A Comprehensive Litecoin Price Forecast

The recent trajectory of LTC’s price, as depicted on the daily chart, highlights a noticeable downtrend since its peak at $114 in July. A concerning development is its breach below the 50-day moving average and the critical support level of $82.50, marked as the lowest point on June 28th.

The MACD indicator’s two lines have also plunged towards a nearly minus 3 reading, while the Relative Strength Index (RSI) has dipped into oversold territory. Moreover, the ongoing struggle to surpass the significant resistance at $103.60, representing the peaks of February and March, adds to Litecoin’s challenges.

Considering these technical indicators, Litecoin’s prospects appear bearish in the near term. The next crucial level to monitor is at $64.77, corresponding to the lowest swing observed on March 11th. This anticipated price point stands approximately 18% below the present value, suggesting a potential further decline for LTC in the coming period.

The Relative Strength Index (RSI) is also in the oversold region, indicating that the price of Litecoin is likely to reverse direction soon. Moreover, the MACD histogram has crossed the zero line in the negative region, suggesting that the downward momentum is increasing, and the bears will likely remain in control of the market shortly.

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