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In a market characterized mainly by ranging price movements, Litecoin (LTC) is displaying strength as buyers eye higher levels. LTC has increased 4% over the last 24 hours to trade at $67. Its market capitalization is $4.94 billion, cementing its 15th on the CoinMarketCap ranking.
Its 24-hour trading volume has almost doubled (96% up) to $435 million, placing it among the top 5 crypto gainers on Tuesday (see figure below).
The gains amongst the top-cap cryptocurrencies were led by eCash (XEC) which had rallied 14% to $0.00002677 over the last 24 hours. Stacks (STX) was the second biggest gainer, up 6% on the day to exchange hands at $0.4861. GMX (GMX) and Solana (SOL) came in third and fourth with 6% and 4% gains respectively.
Top Gainers Today
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 witnessed a slight surge of 7% in the last 48 hours, as some investors likely opted to buy on the recent dip to $63. However, when viewed on a daily time frame, Litecoin is still maintaining a 4% gain, indicating consistent buying interest.
The most substantial barrier in LTC’s path to $75 was the 50-day Simple Moving Average (SMA) at $70. Bulls were required to flip this level into support in order to secure the rise toward $75. Once this is achieved, it would represent a 12% uptick from the current price.
LTC/USD Daily Chart
The Litecoin price trading above the July descending trendline supported this optimistic outlook. This meant the buyers were returning to the scene and determined to end the extended downturn.
This was also validated by the upward-facing Relative Strength Index (RSI) at 53, above the middle line. This suggested that the buyers were returning to the scene. Another oscillating index, the Awesome Oscillator, displayed green bars and had just crossed the neutral line into the positive region. The value of 1 suggested that the market had just flipped in favor of the upside.
On the flip side, LTC faced strong resistance in its recovery path. These were areas defined by the 50-day SMA, the 100-day SMA, and the 200-day SMA at $70, $80 and $84, respectively.
Selling pressure from these supplier congestion zones could cause LTC price to turn down from the current levels to produce a daily candlestick close below $65. Lower than this, a revisit of the $58 swing low would be the next logical move.
LTC Alternative
Wall Street Memes (WSM), is a new token in presale that has taken the crypto meme sector by storm. It is currently in the last stage of the presale, giving interested investors the last chance to buy the token before it hits the exchanges, which will happen in less than a week’s time, on September 18.
The project has already raised more than $25 million. Given the fact that the market is becoming strongly bullish, there is a chance that WSM’s price will head up as soon as the token goes live.
This is not a guarantee, as the market could turn around at any moment, but it is worth considering for opportunity seekers. Anyone who wants to buy it now can do so with ETH, USDT, or BNB for $0.0337.
Visit Wall Street Memes here for more information about the project and how to participate in the presale.
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