In a Ranging Market, Litecoin (LTC) Shows Strength with 4% Increase
In the midst of a market characterized by sideways price movements, Litecoin (LTC) is standing out as buyers aim for higher levels. Over the past 24 hours, LTC has risen by 4% and is currently trading at $67. With a market capitalization of $4.94 billion, it holds the 15th spot on the CoinMarketCap ranking.
Furthermore, LTC’s trading volume in the last 24 hours has nearly doubled, reaching $435 million. This places it among the top 5 gainers in the cryptocurrency market on Tuesday.
Top Gainers Today
The top-cap cryptocurrencies have seen gains led by eCash (XEC), which surged 14% to $0.00002677 in the last 24 hours. Stacks (STX) follows as the second biggest gainer with a 6% increase to $0.4861. GMX (GMX) and Solana (SOL) take third and fourth place respectively, both showing gains of 6% and 4%.
With such gains Litecoin (LTC) appears unfazed by the latest news that the New York Department of Financial Services (NYDFS) had undertaken a substantial revision of its virtual currency framework, removing Litecoin, alongside Ripple (XRP) and Dogecoin (DOGE from the state’s “greenlist”.
The Sept. 18 announcement signified a vital alteration to the list that enumerates approved tokens for DFS-licensed firms.
The greenlist, which previously comprised 25 tokens, has been significantly truncated, spotlighting only eight tokens: Bitcoin (BTC) and Ethereum (ETH), and stablecoins Gemini Dollar (GUSD), GMO JPY (GYEN), GMO USD (ZUSD), Pax Gold (PAXG), Pax Dollar (USDP), and PayPal Dollar (PYUSD).
I guess that a court ruling by a judge that a crypto asset is not itself a security has less weight for other US regulators than a speech of a senior SEC official about another crypto that the SEC itself disowned as expressing its official position. https://t.co/egtsIZXy8U
— bill morgan (@Belisarius2020) September 19, 2023
This has left market participants questioning the intention of the move by the NYDFS and the implications on the prices of the de-listed cryptos. This, however, appears not to have affected Litcoin’s price. This invites a closer look at key technical indicators and trends to decipher the implications for traders.
What Will It Take for Litecoin Price to Return to $75?
In the short term, Litecoin has experienced a slight surge of 7% in the past 48 hours, as some investors took advantage of the recent dip to $63. On a daily time frame, Litecoin has maintained a 4% gain, indicating consistent buying interest.
The most significant barrier for LTC’s rise to $75 is the 50-day Simple Moving Average (SMA) at $70. In order for bulls to secure the rise towards $75, they need to flip this level into support. This would result in a 12% increase from the current price.
LTC/USD Daily Chart
The optimistic outlook for Litecoin is supported by its trading above the July descending trendline. This indicates that buyers are returning and determined to end the extended downturn.
Other technical indicators also confirm this sentiment. The Relative Strength Index (RSI) is upward-facing at 53, above the middle line, suggesting that buyers are returning. The Awesome Oscillator shows green bars and has crossed into the positive region, with a value of 1 indicating an upside market trend.
On the other hand, LTC faces strong resistance in its recovery path defined by the 50-day SMA, 100-day SMA, and 200-day SMA at $70, $80, and $84 respectively. If selling pressure from these areas persists, LTC’s price may drop below $65 and potentially revisit the $58 swing low.
LTC Alternative
, a new token in presale, has gained significant attention in the crypto meme sector. It is currently in its final stage of presale, providing interested investors with a last chance to buy before it hits exchanges on September 18.
The project has already raised over $25 million. With the market becoming increasingly bullish, there is a possibility that will experience an uptrend once it goes live.
While this is not guaranteed as the market can change direction at any moment, it presents an opportunity worth considering for those seeking potential gains. The token can currently be purchased with ETH, USDT, or BNB for $0.0337.
for more information about the project and how to participate in the presale.
Hot Take: Litecoin (LTC) Displays Strength in Ranging Market
In a market where prices are moving sideways, Litecoin (LTC) stands out with a 4% increase over the past 24 hours. Despite being removed from New York’s “greenlist,” LTC remains unaffected and shows strength. Technical indicators and trends suggest that buyers are returning to the scene, and there is potential for LTC to reach $75. However, strong resistance lies ahead, and selling pressure could push the price down. In the midst of this, an alternative token in presale, , has gained attention and offers a potential opportunity for investors. Overall, Litecoin’s performance in the current market conditions is noteworthy and worth monitoring.
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