Litecoin Rallies Ahead of the FOMC

16 mar 2022

Litecoin has spiked up with the rest of the crypto market as investors anticipate the FOMC decision today. The Fed is expected to lift interest rates by 0.25% (25 basis points) to combat inflation. We blasted up through $105, and attempted to cross the vacuum zone to $114, but a sharp retracement took us back to $105. We appear to be getting a lot of support from this level which once provided significant resistance. Despite the volatility, the Kovach OBV has increased substantially, though has now leveled off as the volatility has subsided. If the fervor dies down, then the value area of $101-$105 will act as a magnet. If not, we must break $114 to see higher levels.