According to Cointelegraph, Litecoin (LTC) price increased by 3.85% to nearly $68.50 on September 19, reaching a three-week high as part of a broader cryptocurrency market rally. Despite this, Litecoin has underperformed the broader crypto market in 2023, with a year-to-date (YTD) decline of 3.85% compared to the latter's 39% gains in the same period.
The Federal Open Market Committee (FOMC) meeting, which concluded on September 20, has drawn much attention this week, as Federal Reserve officials were expected to pause ongoing interest rate hikes. This anticipation has boosted investors' appetite for risky assets, leading to a rise in U.S. stocks and most crypto assets ahead of the decision. Meanwhile, the U.S. dollar has underperformed against a basket of top foreign currencies, with its benchmark index down 0.5% week-to-date.
Litecoin's price gains on September 19 were part of a rebound trend that began last week, with buying starting near a long-term ascending trendline support that has capped Litecoin's downside attempts since December 2018. The LTC price has bounced 18.5% eight days after testing the trendline. From a technical standpoint, a Litecoin price bounce from its long-standing ascending trendline support could extend toward its multi-month descending trendline resistance, potentially reaching $78.50 as its next upside target in the coming weeks, up around 16.5% from current price levels.
