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Litecoin worth has been in a decent vary previously few days as traders look ahead to the subsequent catalyst. The LTC coin has been caught at $64, larger than the year-to-date low of $57.53. It stays considerably beneath the year-to-date excessive of $114.
US greenback index soars
Litecoin worth has remained in a decent vary even because the concern and greed index slumped. Information by CNN Cash exhibits that the index has dropped to the concern zone of 30 from the year-to-date excessive of over 80.
It’s clear to see why traders are fearful. First, the US greenback index (DXY) has jumped to a multi-month excessive of $106.2. It has jumped because the foreign money has gained momentum towards different currencies just like the euro, Chinese language yuan, pound, and Swiss franc. The buck is commonly seen as one of many most secure havens out there.
Second, the concern and greed index has slumped as world shares droop. As I wrote here, the Nasdaq 100 index is approaching the correction zone, when it slips by 10% from its highest level. The Dow Jones, S&P 500, DAX, and FTSE 100 have all retreated previously few months.
Learn extra: How to buy Litecoin.
Third, the Federal Reserve appears to be residing in an alternate universe. Whereas the financial institution determined to depart rates of interest unchanged, the FOMC additionally hinted that it’s going to ship one other fee hike later this 12 months. The financial institution hopes that these fee hikes will assist to carry inflation to its 2% goal. These fee hikes have led to larger mortgage and private charges within the US.
There are different dangers to the market as bonds retreat, crude oil worth steadies, UAW workers’ strike continues, and the Panama Canal dries.
Subsequently, Litecoin worth has held fairly properly due to the continued Bitcoin worth motion. BTC has remained above $26,000. This efficiency is probably going due to the chance of a Bitcoin spot ETF.
Litecoin worth forecast
![](https://cdn.banklesstimes.com/tr:f-auto,w-367,c-at_max/uploads/2023/09/1695789113-litecoin%20price.png)
The 4H chart exhibits that the LTC coin has been in a decent vary previously few days. It’s consolidating on the 25-day and 50-day exponential shifting averages (EMA). On the similar time, the Relative Energy Index (RSI) has tilted beneath the impartial level of fifty. The Common True Vary (ATR), the very best measure of volatility has additionally dropped sharply.
Subsequently, Litecoin worth will probably stay on this vary as merchants look ahead to the subsequent worth motion. On this case, the important thing help and resistance ranges to observe shall be at $60 (eleventh September low) and $71.12 (August twenty ninth excessive).
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