Litecoin price prediction: LTC has been on a bullish trajectory in recent weeks, demonstrating a significant upward movement on the trading charts. The cryptocurrency has consistently traded above the $100 mark, symbolizing a strong market presence. Despite a recent minor pullback in its value, Litecoin’s price stands at $102, marking a 2% decrease over the last 24 hours.
Litecoin Price Prediction: Anticipating Movements Beyond the $110 Mark
The day commenced with Litecoin riding a bullish wave, momentarily reaching a high of $110, which currently serves as a pivotal resistance level. However, it faced a notable retraction, with the price descending to a support level of $102. These fluctuations are indicative of a volatile trading session, highlighting a blend of investor optimism and caution.
Litecoin has solidified its position as a key player within the cryptocurrency realm, ranking 20th on CoinMarketCap. It boasts a market capitalization of $7.59 billion. Interestingly, there has been a 28% decrease in the 24 hour trading volume, now standing at $1.09 billion. This decrease suggests a significant level of investor engagement and interest in Litecoin.
Over the past week, Litecoin has been on a modest upward trend, with its price oscillating between $86 and $100, following an initial surge from the $80 range to above $100. This upward movement has culminated in a weekly increase of over 17%. On a monthly basis, the cryptocurrency has witnessed a growth exceeding 23%.
Regulatory Tailwinds Boost Litecoin’s Market Position
Litecoin’s recent gains can be attributed to the Commodities Futures Trading Commission (CFTC) classifying it as a commodity. This designation, made during a lawsuit against the KuCoin exchange, is a positive development for Litecoin, hinting at reduced regulatory scrutiny from the Securities and Exchange Commission (SEC).
The CFTC’s stance on Litecoin as a commodity emerges while the SEC remains non-committal on the legal standing of Ethereum, the second-largest cryptocurrency, further spotlighting Litecoin’s regulatory advantage.
Market Dynamics and Future Outlook for LTC
If LTC manages to breach the $110 resistance level, it could trigger a new wave of bullish momentum, potentially elevating the cryptocurrency toward $120 or $150.
Conversely, increasing bearish pressure could reverse the trend, pushing Litecoin back to the $100 support level or even lower to $90, hinting at a bearish phase.
The market’s technical indicators paint a positive picture, with the Chaikin Money Flow index reflecting bullish sentiment. The crossing of the 20 Exponential Moving Average over the 50-EMA supports the potential for upward movement. Moreover, the 24-hour Relative Strength Index (RSI) stands at 61.17, indicating a neutral market sentiment.
The post Litecoin Price Prediction: Will LTC Hit $150 Following CFTC’s Commodity Classification? appeared first on CoinGape.
Earn more CFN tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://cryptoforum.news0
CFN Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed