Litecoin Price Prediction as Bullish Price Action Catches Attention of Crypto Twitter – Can LTC Hit $100?
Litecoin (LTC), the cryptocurrency that powers the decentralized payments-focused Litecoin blockchain, has dropped by a little over 5.0% on Monday amid a broader crypto market swoon.
LTC/USD was last changing hands near $88 per token as blue-chip cryptocurrencies like Bitcoin fall on pessimism regarding fresh regulatory action in the US.
In a move that seemed to take many traders by surprise, the US Commodity Futures Trading Commission announced that it is suing the world’s largest cryptocurrency exchange Binance over what it called “willful evasion” of US laws.
The CFTC, which has until now taken a softer stance on major crypto market players in comparison to the US Securities and Exchange Commission, which has been more active recently with lawsuits, is accusing Binance of offering unregistered crypto derivative products.
However, the CFTC’s characterization of certain cryptocurrencies, including Litecoin, as commodities, could give sentiment a boost in the near term.
CFTC enforcement action against Binance comes after the SEC warned the largest US-based cryptocurrency exchange Coinbase that it may open enforcement action against it over its staking crypto program.
An improvement in US bank sector stock sentiment in wake of news of 1) SVB’s assets being bought out and 2) a new liquidity program designed to help First Republic bank may also be weighing on crypto thanks to reduced demand for safe-haven alternatives to fiat currency.
LTC’s latest pullback has seen it drop back to the 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 region.
Despite the
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