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Litecoin (LTC) has made a significant upward movement with its recent rising trend. Despite a limited pullback, LTC continues to demonstrate strength by staying above the $100 level. Currently at $102, LTC briefly reached the $110 level before experiencing a 2% decrease over the last 24 hours.
Performance Analysis of Litecoin
Ranked 20th by market value among the largest cryptocurrencies on the crypto data and price platform CoinMarketCap, LTC shines with a market value of $7.59 billion. Although its trading volume decreased by 28% to $1.09 billion in the last 24 hours, the fact that the trading volume remains above $1 billion indicates that investor interest in the cryptocurrency continues.
Data from the past week shows that LTC has exhibited a limited upward trend, moving between $86 and $100 and rising over 17% during the weekly timeframe. Over the month, it has seen an increase of more than 23%.
Litecoin’s recent gains are particularly associated with its classification as a commodity by the US Commodity Futures Trading Commission (CFTC) in a lawsuit opened against the KuCoin exchange in the US. This classification indicates a reduction in the regulatory scrutiny of the crypto market by the US Securities and Exchange Commission (SEC), providing Litecoin with a regulatory advantage over other cryptocurrencies like Ethereum (ETH), which continue to face legal uncertainty.
What Does the Technical Analysis Indicate for LTC?
A technical look at LTC suggests that if it can successfully break the resistance level at $110, it may capture a new upward momentum that could potentially push the cryptocurrency’s price towards $120 and even $150. Conversely, increasing downward pressure could lead to a decline in price, pushing the altcoin down to the support level of $100 or even to $90.
The Chaikin Money Flow Index is signaling an upward trend, and technical indicators point to a positive outlook. Additionally, the crossing of the 20 Exponential Moving Average (EMA) over the 50-EMA supports the potential for an upward movement. Despite the fluctuations, the Relative Strength Index (RSI) in the daily timeframe is at 61.17, indicating a neutral market sentiment.
