**Litecoin (LTC) Surges to Become Second Best-Performing Cryptocurrency**
Meme coin lovers may be having a great month, but Litecoin (LTC) hodlers are celebrating today with their coin taking the spot as the second best-performing cryptocurrency in the top 100, with a bullish performance in the last 24 hours that saw its price spike nearly 11%.
**CFTC Declaration Boosts Litecoin**
The most significant non-technical event contributing to Litecoin’s spike is a recent statement by the United States Commodity Futures Trading Commission (CFTC). In a lawsuit against crypto exchange KuCoin, the CFTC declared Litecoin a commodity. This statement is crucial as it places Litecoin outside the scope of the Securities and Exchange Commission (SEC), which regulates securities and imposes stricter responsibilities on coin issuers.
**Bullish Trend for Litecoin**
Litecoin started the day at $94.80 and traded sideways until 6am UTC, when bulls took over the markets and spiked the coin to its daily high of $106 before correcting slightly to its current mark of $104.99. The coin is up 11.56% in the last 24 hours and 21.71% in the last week, plus 27.5% in the last 30 days.
**Technical Analysis and Predictions**
On the technical side, Litecoin was trading sideways during January and February, bouncing in a horizontal channel between $63 and $77. The coin broke its channel on February 29 and started a bullish trend on March 1. Past data shows that many of the unusually large candlesticks are followed by a correction of many small-bodied candlesticks in the days after. Litecoin failed to break past the resistance set by March 11’s spike, which could point to a possible cup-and-handle pattern.
**Future Outlook for Litecoin**
Given that the coin is bullish in charts set at 24-hour candlesticks and in weekly candlesticks for the first time since June of 2023, an immediate resistance could be around $115 for a 10% gain. If it remains strongly bullish, the next one appears to be near $135 for a nearly 29% gain. However, if it fails to meet expectations and corrects down, it could drop somewhere near the $80 price line for a -22.5% loss.
Litecoin hodlers are optimistic about the future of their coin, with the recent developments and bullish trend indicating potential for further growth in the coming days.
