Litecoin (LTC) has proven a notable efficiency within the first quarter of the yr, reaching over 30 million transactions by March 30. Final yr, this feat was achieved round July when LTC traded at round $113.
The US Commodity Futures Buying and selling Fee (CFTC) lately categorized Litecoin as a commodity alongside Bitcoin and Ethereum. The designation and rumors of a Litecoin exchange-traded fund (ETF) sparked bullish sentiment. Analysts and traders 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 neighborhood. Because of this, the token rose above $100 and examined its resistance above the $105 degree.
Crypto analyst Rekt Capital confirmed that, as April 1st began, LTC formally broke the macro downtrend for the primary time since April 2021.
$LTC
Litecoin has Month-to-month Closed above the Downtrend
It’s confirmed
The Macro Downtrend has been damaged for the primary time since April 2021
The Macro Downtrend is now formally over#LTC #Crypto #Litecoin https://t.co/yU7Gz7X1ck pic.twitter.com/ktgOYKTarz
— Rekt Capital (@rektcapital) April 1, 2024
In response to the analyst, after efficiently retesting its multi-year macro downtrend and turning it into a brand new help degree, the token needed to keep above the $94 worth vary to verify the top of the pattern.
LTC closed the month above these ranges. The token’s worth soared previous $110 for the second time this yr. 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 prompt in an X put up that if LTC’s worth will get a “clear break” above this degree, traders might “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.
$LTC did really handle to shut at or barely above the 200 week MA 😅
Let’s have a look at what these new quarter, month and week deliver us⌛️
For now, we’re above the meme traces, so not dangerous. https://t.co/xqTDWet7tv pic.twitter.com/GT3asJBQF2
— Surf (@_CryptoSurf) April 1, 2024
The $146 pre-halving prime 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 prime reached the $115 worth vary. This prime 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 greater resistance ranges and a brand new ATH within the coming months. Nonetheless, market dynamics and exterior occasions might 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 yr, LTC confronted a correction that shredded the good points registered over the weekend.
The token closed its March month-to-month candle above vital metrics and has resisted above $100 through the previous three days. Regardless of this, the worth dipped beneath that vital 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 day by day buying and selling quantity has considerably surged by 186.5%, reaching $1.61 billion previously 24 hours. LTC ranks because the nineteenth largest cryptocurrency by market capitalization, in response to CoinMarketCap knowledge. 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
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