Is Litecoin Rising Alongside the Crypto Market Before the Fed Rate Decision? 🧑🏻⚖️
#Litecoin 's price surged to a three-week high, reaching nearly $68.50, outpacing the overall crypto market's 2% gain on September 19th.
However, in 2023, Litecoin has underperformed, down 3.85% year-to-date compared to the broader crypto market's 39% gains.
The surge is attributed to expectations of the Federal Reserve pausing #interest rate hikes, boosting investors' appetite for risky assets. Litecoin and the U.S. dollar have shown a negative correlation, moving in opposite directions.
Litecoin's recent gains follow a #rebound trend starting last week, with support near a long-term ascending trendline. Short liquidations worth $477,300 on September 19th contributed to price gains.
Technical analysis suggests Litecoin could target $78.50 in the coming weeks, coinciding with its 50-week exponential moving average.
