More traders could be affected as LTC readjusts to increased regulatory pressure in the US after the Binance lawsuit.
Although the recent US SEC is similar to the earlier CFTC filing, LTC hasn’t been mentioned as a security. At the same time, MATIC, SOL, ADA, and more have been singled out as securities.
LTC depreciated 6% in the past 24 hours and traded at $87.5 at press time. Similarly, BTC dropped below $26k as investors reacted to the news.With a weak BTC and an upcoming FOMC meeting in mid-June, LTC could reverse May gains if sellers intensify control. Notably, the RSI retreated to the oversold zone, denoting increased selling pressure.
As such, LTC could breach the $84 support and drop to the demand zone of $74 -$78 . The demand zone is also a bullish order block formed on 13 March on the 4-hour chart. On a bullish angle, a recovery attempt could be likely if the $84 support holds. Notably, the Accumulation/Distribution indicator has risen steadily since late May, highlighting an accumulation trend.
Hence, LTC could clear the $89 hurdle and retest $95, especially if BTC reclaims $26k. Moreover, the weekly chart was still bullish despite retreating to a near-neutral position as of press time.
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