Litecoin price analysis: LTC/USD eyes $110 as Singapore regulator goes after cryptocurrency exchanges
|- LTC/USD under pressure amid bearish sentiments on crypto market.
- Monetary Authority of Singapore issued warns cryptocurrency exchanges.
Litecoin is changing hands at $116.61 at the time of writing. The coin was rangebound and even attempted a recovery during Asian hours, but resumed the decline during early European hours. Litecoin, the 6th largest coin by market value, lost nearly 7% in the recent 24 hours with trading volumes marginally above $370M.
Cryptocurrency market is driven by hype and emotion as confirmed by latest research. Meanwhile, the emotions are influenced by global regulators applying tighter approach towards cryptocurrency industry. Earlier we reported that the US Justice Department is engaged in the investigation of alleged price manipulations on the cryptocurrency market. While it is a good thing in the long-term, traders interpret it as an evidence of aggressive intervention to the territory that was conceived to be free from central authorities.
Monetary Authority of Singapore issued warning eight cryptocurrency exchanges about trading tokens that may be regarded as securities. According to MAS, the number of cryptocurrency exchanges in Singapore is growing, though the regulator is concerned only about those that have features of securities.
“We do not see a need to restrict them if they are bona fide businesses,” MAS official Lee Boon Ngiap said. “But if any digital token exchange, issuer or intermediary breaches our securities laws, MAS will take firm action.”
Litecoin technical picture
Once Litecoin dropped below $120.00 handle, the market focus shifted onto April's low at $112 and psychological $110. That's where new buyers might appera and push the price back towards $120. On the broader scale, the recovery will gain traction if the price breaks above $140.87, this resistance is created by 50-DMA with the ultimate bullish goal rested at $160.00, ahead of 23.6% Fibo at $164.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.