As of the time of writing, BTC is trading at $42,000, while LTC is trading at $72.5. The upcoming Federal Reserve interest rate decision, which has not yet been announced, is creating curiosity about how the targets and expectations will shape up after the decision.
Since April 2021, the LTC price has been on a downward trend, falling to $40 levels in June 2022. The market experienced difficult times following the collapse of Terra, and the fall in LTC’s price was not surprising. In June 2023, a rise began and the price moved above the trend line, but this rise was short-lived.
In November, the price once again surpassed the trend line, and LTC’s price entered a new recovery phase last week, but the decline in BTC’s price negatively affected this recovery. LTC’s price today is at the $72.5 level and its price performance will depend on BTC’s movements.
There are analysts who claim that Grayscale Litecoin trust will catch up to LTC’s price. Another analyst defends that due to LTC’s decreasing supply, it will perform better than BTC. However, volatility is expected in the short term.
There are uncertain signals on the daily chart. Despite escaping from the downward trend line, there has not been any significant recovery above the $68 level. The recovery that began on December 7th ended at the resistance level of $79.53, and a drop to $70.15 occurred today due to concerns about the Fed. If the markets experience a rapid decline after the Fed, the price could drop to $65. However, buyers are stepping in at the $68-70 region, and a reactive rise from this point can be expected. If the first supports are lost, there could be a drop to $58; otherwise, resistance levels of $76 and $92.5 may come into play.