On Thursday, the price of Lite Coin was in a small range, and investors gradually repositioned their assets in September. The LTC currency rose slightly to the highest point of $55.80, slightly higher than the bottom point of $52.36 this week. Its valuation exceeds $3.2 billion.

Hawkish Federal Reserve Meeting

The price of Lettercoin has been under pressure from work because investors care about the hawkish view of the Federal Reserve meeting. Jerome Jerome issued a statement at the Jackson Hole seminar in Wyoming, saying that his financial institution would also raise interest rates again in a few months.

Charles Evans, Neel Kashkari and other senior officials of the Federal Reserve also recognized its views. Loretta Mester, the current chairman of the Cleveland Federal Reserve, said in an announcement on Wednesday this week that the bank could raise interest rates again and keep them low until the inflation rate rose to 2%.

Historically, cryptocurrencies such as BTC and LTC have generally been in a low state during hawkish Fed meetings. It also answers why cryptocurrencies and stocks have been declining in the past few months. Indeed, US stocks have been falling for five consecutive days in the past.

The price of Lite Coin is also in a low state due to the sluggish demand for it. With cryptocurrency falling by more than 50% this year, many customers of LTC have avoided it. This is verified by the data information on the chain, which shows that the requirements of the ecosystem are weak.

In addition, because of the sharp rise of the US dollar, this coin has long been out of date. The Nikkei index has jumped to its highest level in more than 20 years. Lite coins and other cryptocurrencies are inversely proportional to the US dollar.

Price Forecast of Lite Coin

The daily curve shows that LTC prices have been under heavy pressure in the past few months. It is 86% lower than the highest value of 2021. Careful observation shows that the coins have formed a bullish flag design, which is generally a symbol of inflation.

It has broken through the 25 day and 50 day moving average system, while the relative strength index (RSI) has fallen to the neutral line of 50. Therefore, it is very likely that the stock market bear market of the coin will rise in September. If such a thing happens, the next important level of strong support is undoubtedly 40 dollars.