Litecoin Faces Price Retreat While ETF Approval Hopes Remain High
The cryptocurrency market is currently volatile due to global economic factors and regulatory changes. Litecoin (LTC) faced resistance at $101.65 after a high of $101.90, correcting to the $95-$96 range with support around $95.82.
- US-China tariff agreement boosted LTC's bullish momentum.
- Federal Reserve policy decisions enhanced sentiment in risk assets.
- SEC delayed decisions on spot ETF applications for Litecoin, contributing to uncertainty but also optimism, with betting markets showing ~80% probability of approval by year-end.
Technical Analysis Highlights
- LTC fell from $101.90 to $95.73, a 6.05% decline in 24 hours.
- Resistance established at $101.65 where price struggled to break through.
- Support at $95.82 with significant buying volume (304,377 units).
- Possible double bottom formation near recent lows.
- Current trading range of $5.87 (5.76%) indicates increased volatility.
- Price consolidating near $96.94, suggesting potential stabilization.
- Vulnerability to further downside if $96.24 support fails.