The crypto market is focused on the ongoing Coinbase hearing with the SEC, which is cornered after ETF approvals led to significant sell-offs, though the overall market outlook isn’t bleak. Upcoming U.S. data and the Federal Reserve meeting at the end of the month are anticipated with a negative outlook. The question now is, what’s the latest with Litecoin (LTC)?
LTC’s price has been declining since peaking at $115 in July last year, with a significant drop to $56 in August. Despite a short rally, the price experienced a deeper fall. Historically, excitement around halving has led to new highs, but subsequent drops are common.
Currently, LTC’s price has confirmed a long-standing rising support trend line in place for about 600 days. With the RSI still in the neutral zone, it’s challenging to predict a clear direction. However, the SEC’s ongoing hearing could favor LTC as it is a miner’s altcoin, and the SEC might distinguish certain altcoins from securities.
Litecoin miners have reached a historic difficulty peak, a positive sign for LTC’s price. Additionally, the network has recorded 18 million ordinals, which have significantly increased miners’ revenues across various networks in the past nine months, stabilizing profitability and offsetting miner losses during downturns.
While it’s difficult to determine a clear direction for LTC’s price on both weekly and bi-daily charts, the most likely scenario, according to Elliott Wave analysis, suggests a 75% increase to test the $122 resistance for a new peak. However, closures below September 2023’s lowest level of $57.30 could lead to a pullback to $48.