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Litecoin is down after the SEC decision: Is it providing a buying opportunity for LTC before a new surge?
Altcoin ETFs are seen as an important catalyst for the next altcoin rally, and the delay of the LTC ETF was not well received in the market. The LTC ETFs, which were supposed to be decided by the SEC in mid-May, were postponed due to the need for security and public comments, causing the altcoin to fall below a significant resistance level.
With the LCT market correction, it initially declined from the weekly level of 90 dollars to 88 dollars, dropping 7 percent in just the last day, and fell from 88 dollars to as low as 81 dollars. Market analysts predict that LTC has retreated to a accumulation zone and that the 78-80 dollar range represents ideal levels for entry.
In the technical chart of Litecoin, the short-term average has fallen below the long-term EMA. The price has currently dropped below the 50-day EMA, which is in the $86 region. As long as the altcoin's price holds above $80, it could gain momentum towards $85 and $90 with the market's recovery. However, if the selling pressure continues, LTC, unable to hold above the $80 region, may show a pullback towards the monthly low of $70-68.