Litecoin (LTC) has seen a significant decline, dropping more than 4.3% over the past week and over 14% in the last month. This downturn aligns with a broader sell-off in risk assets following escalating tensions in Israel and Iran, which have rattled global markets. The total cryptocurrency market cap fell by more than $150 billion amid these developments.
As the conflict unfolded, Litecoin briefly tried to stabilize around $86 but faced continued resistance, particularly near the $97.80 mark, which coincides with a Fibonacci retracement level as noted by CoinDesk Research. Indicators such as the Relative Strength Index (RSI) at 43.46 point to a lack of momentum, suggesting that Litecoin may be entering a consolidation phase.
Trading volume has dropped significantly, with a 42% decline noted after the initial sell-off. Litecoin momentarily broke through a resistance level of $85.90 but faced immediate profit-taking that pushed it back down. In the midst of these challenges, there remains optimism regarding a potential spot Litecoin ETF, with Bloomberg analysts estimating a 90% likelihood of approval.
As the conflict unfolded, Litecoin briefly tried to stabilize around $86 but faced continued resistance, particularly near the $97.80 mark, which coincides with a Fibonacci retracement level as noted by CoinDesk Research. Indicators such as the Relative Strength Index (RSI) at 43.46 point to a lack of momentum, suggesting that Litecoin may be entering a consolidation phase.
Trading volume has dropped significantly, with a 42% decline noted after the initial sell-off. Litecoin momentarily broke through a resistance level of $85.90 but faced immediate profit-taking that pushed it back down. In the midst of these challenges, there remains optimism regarding a potential spot Litecoin ETF, with Bloomberg analysts estimating a 90% likelihood of approval.
