Litecoin’s Price Strengthens Amidst FOMC Rates Announcement
Litecoin’s price has shown significant strength in the second quarter of the year, indicating a growing bullish sentiment in the market. As the Federal Open Market Committee (FOMC) rates announcement approaches, the markets have reacted positively, with Bitcoin surpassing $97,000 and Litecoin trading above $90. The anticipated volatility in the market could drive Litecoin’s price close to $100 in the coming hours.
The key question now is whether the bulls can maintain the gains above $100 or face a potential rejection leading to a drop back to previous levels.
Market Expectations and Litecoin’s Recovery
The FOMC is expected to keep rates unchanged at 4.25% to 4.5%, with Fed Chair Jerome Powell’s comments likely to influence market movements. Litecoin’s recovery from the recent tariff-induced crash to $63 signals a sustained upward trend, with the token turning the $80 resistance into a strong support level. Additionally, Litecoin has reclaimed the 50-day Moving Average (MA) at $83.48 and is poised to reach the 200-day MA at $112.
The long-term outlook for Litecoin remains bullish, with the recent rebound from $63 setting the stage for the token’s first weekly Golden Cross, signaling strong bullish momentum ahead. Maintaining a consistent upward trend and surpassing the average bands of the rising parallel channel around $96 will further support this bullish outlook. Popular indicators also point towards an imminent price surge.
Technical Indicators and Price Forecast
The weekly Moving Average Convergence Divergence (MACD) indicates a decrease in selling pressure, with a potential bullish crossover on the horizon. The Relative Strength Index (RSI) has bounced back and is on track to surpass the average range. A bullish crossover on the RSI could propel Litecoin’s price above $100 and establish a foothold at the critical $105 resistance level. Sustained buying pressure could push the price beyond the channel, setting the stage for a significant bull run towards a new all-time high.