Litecoin Faces Challenges Amidst Market Turmoil and ETF Hopes
Litecoin's price recovery halts at $97.80 following a significant sell-off attributed to geopolitical tensions, signaling a possible consolidation phase.
Litecoin Faces Challenges Amidst Market Turmoil and ETF Hopes
Despite a fleeting rebound, Litecoin’s (LTC) recovery faltered at $97.80, hinting at a potential consolidation phase.
Key Highlights:
- Over the last week, Litecoin declined by over 4.3%, totaling more than 14% decrease for the month.
- This downturn accompanies a broader sell-off in risk assets, sparked by the Israel-Iran conflict, which resulted in a substantial $150 billion dip in the total cryptocurrency market capitalization.
- Litecoin’s price recovery efforts halted at the $97.80 threshold, signaling limited momentum and trade volume decline.
Litecoin, currently valued around $86.24, fell sharply due to heightened market risks. The sell-off came after Israel launched attacks against Iran to disrupt its nuclear progression, leading to retaliatory missile strikes from Iran.
The ripple effects on global markets have underscored concern, with the cryptocurrency market witnessing a stable downturn.
Although Litecoin showed signs of recovery after briefly surpassing the $85.90 resistance, heightened technical obstacles hindered further movement.
Positioned at the $97.80 mark, coinciding with 23.6% Fibonacci retracement levels, has proven challenging to breach. Indicators hint at minimal energy, implying a trend towards consolidation.
Trading volume echoed similar patterns, decreasing by 42% following the initial market jitters, despite a momentary high-volume trading peak.
Hope looms for the approval of a spot Litecoin ETF, with analysts from Bloomberg estimating a 90% chance for its acceptance.
