Litecoin (LTC) dipped below the $90.00 level on Monday, reflecting the overall bearish sentiment in cryptocurrency markets. The global market cap saw a 1.87% decrease, which could be influenced by the upcoming United States Federal Reserve interest rate decision. Solana (SOL) also experienced a decline.
The drop in LTC/USD to a low of $86.83 earlier in the day has pushed Litecoin to its weakest point since last Wednesday, when it traded at a low of $84.21. This downward movement occurred as the relative strength index (RSI) fell to a support level at 44.00. At the time of writing, the RSI is tracking at 44.80, with an upcoming ceiling of 50.00 being a potential target for bulls. If this level is reached, LTC could return above the $90.00 mark.
Solana (SOL), another notable cryptocurrency, fell for a third consecutive day, with SOL/USD sliding to a bottom of $22.05 earlier in the day. This bearish trend began when bulls could not force a breakout beyond a ceiling at the $24.00 mark. One of the catalysts for this decline was the RSI failing to breach a key resistance level at 55.00. Currently, price strength is tracking at 48.58, with the next visible floor at the 45.00 zone.
The anticipated Federal Reserve interest rate decision is likely impacting the cryptocurrency market. An increase or decrease in the interest rate could either encourage people to invest more in cryptocurrencies, potentially driving up prices or discourage investments, leading to a further downward trend for Litecoin and other cryptocurrencies.
It is crucial for crypto enthusiasts and investors to consider the pros and cons, as well as the potential impact that the Federal Reserve decision will have on the market. The decision may bring about changes both within the cryptocurrency industry and beyond.
In conclusion, Litecoin’s decline below $90 comes amid a bearish cryptocurrency market climate potentially influenced by the upcoming Federal Reserve interest rate decision. The market performance of other cryptocurrencies, such as Solana, indicates that there may be uncertainty and a cautious approach among investors as they await the decision. The main conflict that arises from this development centers on whether the Federal Reserve decision will drive the cryptocurrency market upward or further downward in the coming weeks.
Source: Bitcoin News
