Litecoin (LTC) price has been under immense pressure lately, dropping to a low of $73.98 after the US Securities and Exchange Commission (SEC) filed lawsuits against Coinbase and Binance. It is too early to speculate on the outcome of those suits, but the most likely outcome will be a settlement.
The Federal Reserve’s upcoming interest rate decision on Wednesday will also be a key catalyst for the LTC price. Analysts predict that the bank will leave interest rates unchanged, which would be a positive thing for cryptocurrencies, stocks, and other financial assets.
On the technical side, Litecoin has formed a triple-top pattern on the daily chart. The neckline of this pattern is located at around $65.60, and the coin has moved below the 50-day and 100-day moving averages. The Relative Strength Index (RSI) has also moved below the neutral point at 30.
This suggests that the LTC price could continue to fall and target the key support at $65.60. If it breaks below that level, the coin could drop to $60.
If you’re looking to buy Litecoin, eToro and CEX.IO are two popular exchanges. Just bear in mind that cryptocurrency investing is unregulated in some EU countries, so make sure to do your own research and always invest responsibly.
