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Regulatory Clarity. Litecoin and Other Digital Tokens Are Not Securities?

  • Thomas Hughes
    📈 Price Predictions

    Congressmen Warren Davidson and Darren Soto will introduce a bill next week that would exclude digital currencies from being considered securities: the “Token Taxonomy Ac

Regulatory Clarity. Litecoin and Other Digital Tokens Are Not Securities?
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Congressmen Warren Davidson and Darren Soto will introduce a bill next week that would exclude digital currencies from being considered securities: the “Token Taxonomy Act”. The bill clarifies the fact that cryptocurrencies cannot be catalogued as securities once they become a fully functional network.

This would modify the Securities Exchange Act, adding a new definition for “digital tokens” and at the same time bringing much-needed clarity. However, there’s still a long way to go and the process will be tedious and marked by lots of changes to the bill. In the meantime, cryptocurrency prices are still rising.

Chart Analysis – LTC/USD

image

Similar to most other cryptocurrencies, Litecoin has slowed down its bullish pace, posting just a modest 0.55% gain for the last 24 hours at the time of writing. However, the gains for the last 7 days stand at more than 37%, so the fact that it’s moving sideways or even retracing shouldn’t be a problem.

The first support is located between 31.00 and 31.30, while resistance (and the next target) sits at 35.50. As long as support is holding, our view is bullish, aiming for a touch or break of 35.00 – 35.50. We may see retracements until that target is reached but if nothing important is broken, the upside should continue.

Support zone: 31.00 – 31.30 followed by the 50 EMA (red line)

Resistance zone: 35.00 – 35.50

Most likely scenario: move into resistance (possible retracements until target is reached)

Alternate scenario: break of 31.00, move into 50 EMA without break of the latter

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About the author

Thomas Hughes is an executive editor of U.Today. He is a skilled cryptocurrency trader and technical analyst deeply immersed into the cryptocurrency & blockchain technology area.

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