Litecoin price is trading higher even as it remains under pressure. The rebound from Wednesday’s low is an indication that the market has already priced in a hawkish Fed interest rate decision. Ordinarily, a hawkish tone from the US central bank is bearish for cryptocurrencies and other riskier assets.
Nonetheless, the crypto market has remained on the fear end of the spectrum. On Thursday, the crypto fear & greed index was at a reading of 29. Granted, this is an improvement from the prior session’s 28. Based on both the fundamentals and technicals, the altcoin will likely remain within a horizontal channel in the short term.
LTC has inched higher after bouncing off Wednesday’s low. As a reaction to the hawkish Fed interest rate decision, the altcoin dropped to 142.33 before reversing the losses.
At the time of writing, Litecoin price was up by 0.3% at 154.11. On a four-hour chart, it is trading slightly above the 25-day EMA and below the 50-day EMA.
In the short term, the horizontal channel between December’s support level of 141.38 and the resistance level at 167.26 will remain a crucial one for the crypto. Notably, it has largely been trading within this range since earlier in the month.
A move above the channel’s upper border will likely have Litecoin price face resistance around 175. On the flip side, a decline below the range’s lower border will likely place the support zone at July’s low of 130.50.
This post was last modified on %s = human-readable time difference 07:55