Litecoin Soars Above $110, Breaking Out Of Macro Downtrend


Litecoin (LTC) has proven a notable efficiency within the first quarter of the 12 months, reaching over 30 million transactions by March 30. Final 12 months, this feat was achieved round July when LTC traded at round $113.

The US Commodity Futures Buying and selling Fee (CFTC) lately categorised Litecoin as a commodity alongside Bitcoin and Ethereum. The designation and rumors of a Litecoin exchange-traded fund (ETF) sparked bullish sentiment. Analysts and buyers have forecasted a robust efficiency for the token.

Is Litecoin Out Of The Woods?

Litecoin surged 10% final week, seemingly fueled by the optimistic sentiment from its group. In consequence, the token rose above $100 and examined its resistance above the $105 stage.

Crypto analyst Rekt Capital confirmed that, as April 1st began, LTC formally broke the macro downtrend for the primary time since April 2021.

Based on the analyst, after efficiently retesting its multi-year macro downtrend and turning it into a brand new help stage, the token needed to keep above the $94 worth vary to substantiate the tip of the development.

LTC closed the month above these ranges. The token’s worth soared previous $110 for the second time this 12 months. Nonetheless, the worth didn’t maintain for lengthy, because it instantly confronted a correction and dropped again to the $105-106 vary.

After the correction, analyst The Cryptonomist recommended in an X put up that if LTC’s worth will get a “clear break” above this stage, buyers may “comfortably see” the worth surge to $200.

Furthermore, crypto investor Crypto Surf identified that Litecoin “managed to shut at or barely above the 200-week,” contemplating it a “not dangerous” efficiency. Within the charts, Crypto Surf highlights key factors from the token’s efficiency from 2017-2021 and 2021-2024.

The $146 pre-halving high of Litecoin’s second halving occasion was surpassed roughly three months after breaking out of its 200-week shifting common (MA). This breakout was adopted by LTC’s all-time excessive (ATH) of $410 in 2021.

After Litecoin’s third halving occasion, LTC’s pre-halving high reached the $115 worth vary. This high was examined and virtually matched at the moment when the token traded at $112.

The charts recommend that, if historical past repeats itself, LTC’s worth may very well be testing larger resistance ranges and a brand new ATH within the coming months. Nonetheless, market dynamics and exterior occasions may hinder the token’s potential targets.

Was LTC’s Rise To $112 An April’s Idiot Day Prank?

After briefly reaching its highest worth of the 12 months, LTC confronted a correction that shredded the positive factors registered over the weekend.

The token closed its March month-to-month candle above essential metrics and has resisted above $100 in the course of the previous three days. Regardless of this, the worth dipped under that essential help zone. LTC has hovered across the $98-99 worth vary for the previous hour.

This drop represents a 3.8% lower from LTC’s worth 24 hours in the past and a 76.4% dip from its ATH. Nonetheless, Litecoin’s LTC continues to register inexperienced numbers over longer timeframes.

LTC has elevated 8.8% and eight.9% within the weekly and month-to-month timeframes. Extra notably, the token had a 19.9% biweekly surge.

Equally, its each day buying and selling quantity has considerably surged by 186.5%, reaching $1.61 billion prior to now 24 hours. LTC ranks because the 19th largest cryptocurrency by market capitalization, based on CoinMarketCap information. On the time of writing, Litecoin is buying and selling at $99.13.

Litecoin is buying and selling at $99.13 within the 3-day chart. Supply: LTCUSDT on Tradingview.com 

Featured Picture from Unsplash.com, Chart from TradingView.com

Disclaimer: The article is offered for academic functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your personal analysis earlier than making any funding choices. Use data offered on this web site completely at your personal danger.





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