Litecoin LTCUSD Hits Monthly Lows, Sellers In Control
Litecoin recovers from severe losses earlier today that drove the price to fresh monthly lows. As of writing LTCUSD managed to return to positive territory, showing that the bulls are keeping fighting to stay close to the 100-day moving average. We have discussed in our previous technical analysis article that: Litecoin Bears In Control Below $43.07.
The FCA, the UK financial regulator, has informed all crypto-related businesses in the country that they need until the end of the month to file their applications for a crypto licence. Crypto companies will not be permitted to operate in the UK after January 10, 2021, if they do not have permission. The UK has started to implement crypto regulations based on the guidelines proposed by the Financial Action Task Force (FATF).
The Financial Action Task Force gave its member countries twelve months to enforce the guidelines regarding the cryptocurrency regulations. South Korea, Japan and Singapore have already implemented part of the proposed guidelines.
Litecoin is 0.59% higher at $42.81 as the number seven cryptocurrency by capitalization has entered bearish territory after the price breached below the 100-day moving average. The technical picture is bearish now as the Litecoin price trading below the major daily moving averages. What can cancel the negative momentum is a move back above the 100-day moving average.
On the downside, first support for Litecoin will be met at $41.61 the daily low. Next level to watch on the downside is the low from May 10 trading session at $40.00. A credible break below 40.00 might open the way for a test of the low from April 20 at 39.54.
On the other hand, the immediate resistance for Litecoin stands at $42.96 the daily high. In case of a break higher, the next hurdle for LTCUSD stands at $43.38 the 100-day moving average. A move above might attract more buyers targeting $44.56 the 50-day moving average.