The Litecoin price is crawling back as traders react to the latest FOMC decision. The LTC is trading at $206, which is 8.45% above yesterday’s low of $190. Litecoin is now valued at more than $13 billion and is the 9th biggest digital currency in the world. On the other hand, the Bitcoin price has jumped to almost $60,000 as bulls target the all-time high of $62,000.
The background: Litecoin is one of the best-known cryptocurrencies in the world. It is also one of the oldest rivals to Bitcoin. It is a decentralized peer-to-peer digital coin that you can use to buy in online and physical stores. In the past few years, Litecoin has become an underdog, with the number of transactions in the network being substantially low.
Still, that has not stopped the LTC price from rising. It has jumped by more than 70% from its lowest level in January and by 400% from its lowest level in 2020. This performance has been mostly because Litecoin, like Bitcoin Cash, is often viewed as a cheaper option of buying Bitcoin. Also, the rising liquidity because of Fed’s policies has contributed to this price action. This trend could continue since the Fed has pledged to keep the easy money policies for at least two more years.
Litecoin price forecast
The four-hour chart shows that the Litecoin price has been attempting to bounce back in the past few hours. A closer look also reveals that the price is forming a bearish flag pattern that is shown in black. In technical analysis, this price action is a continuation pattern, meaning that it increases the possibility that the price will keep falling.
Therefore, while the overall trend is bullish, we cannot rule out a potential decline in the near term. If it happens, this price will likely retest $190 and then $180. However, any moves above $220 will invalidate this trend.
Litecoin price chart
Bitcoin price prediction
The four-hour chart shows that the Bitcoin (BTC) price has jumped to $59,000. It is slightly above the ascending trendline that connects the lowest levels since February this year. Most importantly, it is only a few percentage points below the all-time high of $62,000. It is also being supported by the short and longer-term moving averages.
Therefore, in my view, the price will likely rebound as bulls attempt to move above the ATH of $62,000. This will likely happen during the weekend.
BTC price chart