Litecoin (LTC), the cryptocurrency that powers decentralized payment-centric Litecoin Blockchain has fallen a little over 5.0% on Monday amid a decline in the broader crypto market.
LTC/USD was last changing hands as a blue-chip near $88 per token cryptocurrency Like Bitcoin Falling on pessimism about new regulatory action in the US.
A move that took many traders by surprise, The US Commodity Futures Trading Commission has announced that it is suing Binance, the world’s largest cryptocurrency exchange. This is called “deliberate evasion” of US laws.
The CFTC, which has so far taken a softer stance on major crypto market players than the US Securities and Exchange Commission, which has been more active with lawsuits recently, is accusing Binance of offering unregistered crypto derivatives products. Is.
However, the CFTC’s description of some cryptocurrencies including Litecoin as commodities could boost sentiment in the near term.
This comes after CFTC enforcement action against Binance SEC warns largest US-based cryptocurrency exchange Coinbase That it may initiate enforcement action against it over its staking crypto program.
Improvement in US Bank Sector Stock Sentiment 1) SVB’s assets being bought up and 2) a new liquidity program designed to help First Republic Bank may also weigh on crypto due to a lack of demand for safe-haven alternatives to fiat currency. Is.
Price Prediction – Where to Next for Litecoin (LTC)?
LTC’s latest pullback has seen it move back south of its 50-day moving average for the first time since last Thursday, with the cryptocurrency now testing key short-term support in the $88 area.
A drop below here would open the door to the next support area in the $75-77 area.
Despite the growing risk of a short-term blow to the LTC price, the cryptocurrency remains in an uptrend that has been in play since the second half of last year.
As long as this uptrend continues, it is probably only a matter of time until we see a solid break out north of the $100 level.
Crypto Twitter Is Bullish On The Prospects Of Litecoin (LTC)
According to a quick scan of Crypto Twitter, enthusiasm for Litecoin is on the rise.
The upcoming halving, which will see Litecoin halving for the third time in August, is often seen as a long-term bullish driver for the cryptocurrency.
Captain Fabik, who goes by the Twitter handle @CryptoFaibik, thinks that the Litecoin/Bitcoin exchange rate will soon break out of a bearish trend channel that has been in play since 2018, pushing it towards 0.010 from the current level. Opening the door for. 0.0033.
Litecoin Crew, who goes by the Twitter handle of @litecoincrew, believes the cryptocurrency will soon break below its 2021 highs, opening the door for a move towards $5,000 per coin.
Litecoin (LTC) Alternatives to Consider
The near-term outlook for Conflux is solid. But investors should always focus on diversifying their holdings.
A good way to do this might be to investigate some high-potential crypto presales – historically, getting involved in a project at the early presale stage has been the best way to generate returns in crypto.
In the list below, we review the top 15 cryptocurrencies for 2023, as analyzed by cryptonews Industry Talk Team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.