Litecoin

fell more than 4.3% over the past week, and is down more than 14% for the last 30-day period, with the latest sell-off coming as part of a wider risk asset sell-off.

That sell-off came after Israel attacked Iran in a bid to put an end to its nuclear program and harm its missile capabilities, and Iran later retaliated with a salvo of missiles.

STORY CONTINUES BELOW

Don’t miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters

Sign me up

By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

The conflict has spooked global markets, reducing the total cryptocurrency market capitalization by more than $150 billion.

LTC was severely affected by the sell-off. As the dust settled, Litecoin attempted a fragile rebound, climbing back above $86. But the recovery has stalled under mounting technical resistance.

The $97.80 level, coinciding with the 23.6% Fibonacci retracement according to to CoinDesk Research’s technical analysis data model, has proven difficult to breach. Momentum indicators like RSI at 43.46 and a flat MACD histogram show limited energy behind the move, suggesting a phase of consolidation.

Volume tells a similar story. Litecoin’s trading activity dropped 42% following the initial plunge, even as it briefly surged through the $85.90 resistance level during a high-volume spike late Friday. That breakout, however, was quickly met with profit-taking that brought it back down to $85.

Looming in the background is hope for a spot litecoin ETF. Bloomberg ETF analysts Eric Balchunas and James Seyffart estimate a 90% chance of approval.