The cryptocurrency market is experiencing significant fluctuations as global economic factors and regulatory developments create challenges and opportunities. The recent Litecoin price action reflects this broader feeling of the market, with the cryptocurrency that finds a strong resistance at $ 101.65 after reaching a peak of $ 101.90. Despite the correction after the range of $ 95- $ 96, LTC has shown resilience with the support that emerges around $ 95.82.
Market analysts point out the recent Us-China Rate Agreement as a key driver behind Litecoin’s price movements, with the cryptocurrency gaining bullish impulse after the announcement of the agreement. In addition, the decisions of the Federal Reserve policy have contributed to a positive feeling in risk assets, helping LTC to maintain their position above critical support levels despite the correction.
In the regulatory panorama, the SEC has delayed decisions on SPOT ETF applications for several cryptocurrencies, including Litecoin, creating uncertainty but also anticipation. Despite these delays, betting markets show ~ 80% probability of approval before the end of the year, which suggests a continuous optimism among investors. This regulatory environment, combined with the increase in institutional adoption and the usefulness of cross -border transactions, positions Litecoin as a significant player in the evolutionary cryptocurrency ecosystem.
TECHNICAL ANALYSIS
- Litecoin fell from a maximum of $ 101.90 to a minimum of $ 95.73, which represents a 6.05% decrease for 24 hours.
- The strong resistance established at a level of $ 101.65 where the price was not broken repeatedly.
- The support arose around $ 95.82 with a substantial purchase volume (304,377 units).
- Potential double background formation identified near the minimums.
- The negotiation range of $ 5.87 (5.76%) indicates greater volatility.
- Price that currently consolidates about $ 96.94, suggesting a possible stabilization.
- It is still vulnerable to greater downward pressure if the $ 96.24 support fails.
This technical analysis was carried out according to the Coendesk research model that analyzes Coindesk data
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