Litecoin price analysis: LTC/USD settles below $190, further declines expected as SEC regulations take effect
|- Litecoin price declines further to break major support at $180 to trade lows of $174.
- All platforms trading digital assets must register with SEC.
Most of the cryptocurrencies are in the red on Thursday Litecoin included. The crypto settled below $190 as the trend remained bearish in the previous trading sessions. Litecoin price failed to correct higher during yesterday’s trading, and it declined much further to break a major support level at $180 and traded lows of $174.04.
The price of Litecoin could drop further as the current news shaking the market say that cryptocurrency exchanges will soon be required to register with the Security and Exchange Commission (SEC). The statement from SEC, said, “If a platform offers trading of digital assets that are securities and operates as an ‘exchange,’ as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration.”
Technical picture
The price attempted to correct higher above the 50% Fibonacci retracement level of the previous high of $195 and a low of $174.04. The recovery was, however, capped at the resistance zone at $188 and $190. The resistance level at $190 acted as a support during the upside momentum earlier but is capping the gains in price at the moment. LTC/USD was also not able to break past the 61.8% Fibonacci retracement level. The price settling below $190 which means that it is at risk of more declines especially with the news in the market. Litecoin price could be stopped at lows of $150.
LTC/USD price intraday chart
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