Litecoin Cost Spikes After CFTC Calls It Commodity Alongside Bitcoin and Ethereum

Meme gold coin enthusiasts might be getting an excellent month, but Litecoin (LTC) hodlers are celebrating today using their gold coin using the place because the the second best-performing cryptocurrency within the best players, having a bullish performance within the last 24 hrs that saw its cost spike nearly 11%.

This occurs the 5th day’s relatively slow markets, with Bitcoin and Ethereum correcting by under 2% within the same period. The worldwide cryptocurrency market cap today sits at $2.79 trillion, marking only -.1% change within the last 24 hrs.

The most important non-technical event adding to Litecoin’s spike is really a recent statement through the U . s . States Commodity Futures Buying and selling Commission (CFTC). Inside a suit against crypto exchange KuCoin, the CFTC declared Litecoin an investment. This statement is vital because it places Litecoin outdoors the scope from the Registration (SEC), which regulates securities and imposes stricter responsibilities on gold coin issuers.

“KuCoin solicited and recognized orders, recognized property to margin, and operated a center for that buying and selling of futures, swaps, and leveraged, margined, or financed retail transactions involving digital assets which are goods including Bitcoin (BTC), Ether (ETH), and Litecoin (LTC),” the complaint reads.

Being declared an investment potentially paves the way for additional comfortable endorsements and additional integrations for Litecoin, with less anxiety about the SEC attempting enforcement actions.

Litecoin began your day at $94.80 and traded sideways until 6am UTC, when bulls required within the markets and spiked the gold coin to the daily a lot of $106 before correcting slightly to the current mark of $104.99. The gold coin expires 11.56% within the last 24 hrs and 21.71% within the last week, plus 27.5% within the last thirty days. Friday marks the 2nd most effective day of the season for LTC, only behind an 18.7% spike on March 11.

Around the technical side, Litecoin was buying and selling sideways during The month of january and Feb, bouncing inside a horizontal funnel between $63 and $77. The gold coin broke its funnel on Feb 29 and began a bullish trend on March 1. The majority of the positive performance registered in 2024 continues to be because of March’s good results. Since the foot of the funnel to today’s high, there’s been a roughly 63% spike.

Image: Tradingview

Past data shows that lots of the abnormally large candlesticks are adopted with a correction of numerous small-bodied candlesticks dads and moms after. Litecoin unsuccessful to interrupt beyond the resistance set by March 11’s spike, that could point to the cup-and-handle pattern: A large spike adopted with a symmetrical duration of a correction, along with a recovery that cancels all of the losses almost inside a semi-circle shape. If this sounds like the situation, there must be a smaller sized correction adopted with a similar recovery before a bullish breakout.

Overall, the gold coin looks bullish and healthy inside a longer time-frame. The Relative Strength Index (RSI) implies that the gold coin is slightly overbought having a 66% dominance of bulls over bears, with Litecoin showing its bullishness after bouncing from the Exponential Moving Average (EMA) 55 on and on again to trade on the top from the EMA 10.

Image: Tradingview

Since gold coin is bullish in charts set at round-the-clock candlesticks as well as in weekly candlesticks the very first time since June of 2023, an instantaneous resistance might be around $115 for any 10% gain. Whether it remains strongly bullish, the next seems to become near $135 for any nearly 29% gain. However, whether it does not meet expectations and corrects lower, it might drop somewhere close to the $80 cost line for any -22.5% loss.

Edited by Andrew Hayward


The views and opinions expressed through the author are suitable for informational purposes only and don’t constitute financial, investment, or any other advice.

Stay on the top of crypto news, get daily updates inside your inbox.

Latest stories

You might also like...