According to Coincu, Litecoin (LTC) has been facing a persistent resistance level at $70 since mid-August, despite multiple attempts to break through. On September 20th, LTC experienced a minor adjustment, dipping from its $68.46 position. While Litecoin remains a popular choice for portfolio diversification, its performance in 2023 has been lackluster compared to the broader crypto market.

Last week, LTC saw a significant 18.6% rebound to $68, driven by purchases from LTC whales during a dip. However, buying pressure has cooled ahead of the upcoming Federal Open Market Committee (FOMC) meeting. Currently, LTC's price remains stuck in the $65 range, with buyers defending the $63 level but unable to push past the critical $70 mark.

From a technical perspective, there is potential for a short-term resurgence, as a bounce from Litecoin's long-standing ascending trendline support could temporarily propel it back to $70. However, in the long term, LTC faces strong bearish pressure post-halving and needs to surpass the $71.55 level to regain its upside momentum. As the crypto market awaits the FOMC meeting, Litecoin enthusiasts hope for a breakout, while the market remains cautious.