– Litecoin price is up today, hitting a fresh three-week high.
– On Sep. 19, LTC price rose 3.85% to nearly $68.50.
– LTC price outperformed the crypto market that gained 2% on the same day.
– Litecoin market has underperformed the broader crypto market in 2023.
– It’s down 3.85% year-to-date (YTD) compared to the latter’s 39% gains in the same period.
– Rate pause bets boost Litecoin’s price recovery.
– Most of this week’s attention in the market is on the Federal Open Market Committee (FOMC) meeting.
– Federal Reserve officials will likely decide to pause the ongoing interest rate hikes.
– The rate pause bets have boosted investors’ appetite for risky assets.
– U.S. stocks and most crypto assets are rising ahead of the decision.
– Litecoin and the U.S. dollar have a negative weekly correlation coefficient.
– Litecoin’s market gains on Sep. 19 come as a part of a rebound trend that started last week.
– The buying started near a long-term ascending trendline support.
– Litecoin’s price gains have resulted in short liquidations worth around $477,300 on Sep. 19.
– Liquidating short positions require derivatives traders to buy the underlying asset.
– Litecoin’s price can reach $78.50 as its next upside target in the coming weeks.
– The $78.50-level has served as support and resistance in the past.
– Litecoin’s 50-week exponential moving average (50-week EMA) also coincides with this level.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
