Lighter (LIT) Falls 11.2% After Bitwise Staking ETP Launch
LIT briefly approached $5.50 before losing $5 support and falling to $4.86. The newly launched product had not started staking LIT.
Lighter (LIT) fell 11.2% over 24 hours to about $4.87 after Bitwise launched its Lighter Staking ETP, extending a reversal from a rally toward $5.50.
LIT reached $4.86 after losing support at $5 and posted two consecutive daily declines. The token had gained more than 60% over the past month before the latest drop.
LIT also fell below its nine-day moving average. Its moving average convergence divergence (MACD) indicator formed a bearish crossover and declined to 0.35.
The newly launched ETP provides exposure to LIT but had not started staking the token. The product’s staking activity therefore had not yet begun.
The next token unlock was still about three months away. LIT traded near $4.87 at press time on Sept. 25.
