Litecoin Drops Over 14% Amid Market Turmoil and ETF Hopes
Litecoin (LTC) experienced a decline of over 4.3% in the past week and more than 14% over the last 30 days. This downturn is linked to a broader sell-off in risk assets following military actions between Israel and Iran, which have unsettled global markets and reduced total cryptocurrency market capitalization by over $150 billion.
Key points include:
- LTC attempted a rebound above $86 but faced technical resistance.
- The $97.80 level remains a challenging barrier, aligned with the 23.6% Fibonacci retracement.
- Momentum indicators show limited upward energy, indicating consolidation.
- Trading volume dropped by 42% after the initial plunge, despite a brief surge above the $85.90 resistance.
- Analysts suggest a 90% chance for the approval of a spot Litecoin ETF.