Litecoin’s\u00a0price is down today, mirroring downside moves elsewhere in the crypto market<\/a>.<\/p>\n On July 5, the Litecoin (LTC<\/a>)\u00a0price dropped over 3% to $100.50. On the same day, the crypto market\u2019s overall capitalization fell 2%, suggesting traders have started securing profits at the local tops of multiple cryptocurrencies.<\/p>\n Litecoin rallied by more than 65% to reach a year-to-date high of $116 on July 2. <\/p>\n The gains appeared primarily due to euphoria around its halving<\/a>\u00a0in August and its listing on EDX Markets, a newly launched exchange<\/a> backed by Wall Street giants like\u00a0Citadel Securities, Fidelity Investments and Charles Schwab.<\/p>\n Since then, however, the LTC price has corrected by nearly 14%, including the 3% drop on July 5. One reason is its overbought relative strength index (RSI)<\/a> on the daily chart, which typically prompts the price to drop or consolidate sideways.\u00a0<\/p>\n In addition to crypto, Litecoin\u2019s losses on July 5 mirrored similar downside moves in traditional markets<\/a>. It happened as traders awaited minutes from the Federal Reserve\u2019s June policy meeting to understand its position on interest rates. The minutes will be released on July 5 at 6:00 pm UTC.<\/p>\n The market believes Fed officials have discussed raising the benchmark rate two more times in 2023 despite not raising it in the last meeting. Higher interest rates have proven to be bearish for cryptocurrencies like Litecoin.<\/p>\n Markets are hopeful that today’s release of the Fed minutes can provide clarity on a Federal Reserve that refrained from raising interest rates at the last meeting but intends to raise them two more times. @steveliesman<\/a> joins with more: pic.twitter.com\/hDfRgKTRcK<\/a><\/p>\n \u2014 Squawk Box (@SquawkCNBC) July 5, 2023<\/a><\/p><\/blockquote>\n Litecoin now holds above $100, a level that has turned from resistance to support. As shown in the weekly chart below, this level has also served as the upper trendline of LTC\u2019s prevailing ascending triangle pattern.<\/p>\n As a result of its close above the descending triangle\u2019s upper trendline, LTC has entered a technical breakout stage. As a rule, a descending triangle reversal breakout can see the price go as high as the pattern’s maximum height.<\/p>\n![\"\"](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-07\/7acaa418-ce84-4da4-ac5a-5d8ef28a6a2c.png\" "\\"\\"")
Litecoin\u2019s RSI turns \u201coverbought\u201d<\/h2>\n
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Fed minutes pressure riskier assets lower<\/h2>\n
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Litecoin price 2023 outlook<\/h2>\n
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