Key Takeaways:
- Crypto exchange Lovely Inu Finance got approval to operate in Panama.
- However, LOVELY Inu coin price did not react to the news.
NEW DELHI (CoinChapter.com) — Cryptocurrency platform Lovely Inu Finance’s Lovely Exchange received legal status from the Panama government.
The move comes at a time when regulatory clarity around crypto firms is gradually gaining clarity, with the US congressional committee passing a bipartisan bill to develop a regulatory framework for cryptocurrencies.
In an X announcement, Lovely Exchange stated that getting legalized by the Panama government marked a “significant milestone” in its journey.
The exchange further stated that obtaining legal recognition in Panama would result in regulatory compliance, helping users trade with peace of mind. The collapse of FTX exchange and lawsuits against Binance and Coinbase have eroded investor trust in the crypto sector.
Moreover, Lovely Exchange noted that legalization would help Lovely Inu Finance enhance its security. As a result, the firm promised better protection for users’ “personal information and funds from any potential threats.“
Our legalized status allows us to explore partnerships with financial institutions, providing you with easier fiat deposit and withdrawal options in the future.
Lovely Exchange ennumerated the benefits getting legal status from the Panama government
The exchange claimed its legalized status would help Lovely Inu Finance expand its services with more trading pairs and other add-ons.
Lovely Inu Coin Price Remains Flat Despite Bullish Cue
However, news of Lovely exchange being legalized by the Panama government failed to revive Lovely Inu coin price action. However, the Lovely Exchange token price has rallied strongly since June 20, spiking 559% to reach $0.000000485 on July 25, LOVELY’s highest level since Aug 10, 2022.
Afterward, the rally fizzled out. As a result, LOVELY INU price dropped over 32% in two days to reach $0.0000003191 on July 27 before recovering. The Lovely Inu coin price has since moved horizontally.
On July 29, LOVELY price dropped by 11.1% to reach a daily low near $0.000000346 before buyers entered the market, likely reacting to the news that the Panama government legalized Lovely exchange. Yet, bearish pressure against the token remained high.
If more buyers enter the market, the Lovely Inu coin price might rise to the resistance level near $0.000000393. Moreover, breaking and consolidating above the immediate resistance level might help LOVELY INU price target the resistance near $0.000000455 before corrections pare gains.
Conversely, if the selling pressure against the token increases, the Lovely Inu coin price might drop to the support near $0.000000337. Breaching the immediate support level could force LOVELY INU price to test the support near $0.00000029 before recovering.
The RSI for LOVELY remained neutral, with a value of 61.84 on the daily charts.
