Litecoin Faces Pullback After Testing $101 Resistance, Consolidates Near Key Support
Litecoin (LTC) encountered selling pressure after reaching resistance just above $101, retreating by over 6% to find footing near $95.80. This price action mirrors broader market volatility driven by evolving global economic conditions and regulatory uncertainty.
The recent US-China tariff deal initially boosted investor confidence, contributing to LTC’s climb toward $101.90. However, profit-taking at this resistance level triggered a swift correction. Meanwhile, delayed SEC decisions on spot cryptocurrency ETFs, including Litecoin’s, add to the cautious sentiment among traders.
Federal Reserve policy developments continue to sway risk appetite, causing Litecoin’s price to fluctuate within a volatile range. Despite this, betting markets remain optimistic, pricing in roughly an 80% chance of ETF approvals by year-end, which could propel LTC’s next upward move.
Technical Overview:
- LTC declined from a peak of $101.90 to a low near $95.73 within 24 hours, marking a 6.05% drop.
- The $101.65 level has proven to be strong resistance, capping further gains.
- Buyers stepped in around $95.82, providing a crucial support zone with solid volume.
- A potential double bottom formation near this support hints at a possible trend reversal.
- The asset traded within a $5.87 range, highlighting significant intraday volatility.
- Consolidation around $96.94 suggests LTC may stabilize before its next move.
- A break below $96.24 could open the door to deeper declines.
As Litecoin navigates these technical and macroeconomic headwinds, its expanding use cases and institutional interest keep it firmly in the spotlight.
