Litecoin (LTC) has proven a notable efficiency within the first quarter of the yr, reaching over 30 million transactions by March 30. Last yr, this feat was achieved round July when LTC traded at round $113.
The US Commodity Futures Trading Commission (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 traders have forecasted a robust efficiency for the token.
Is Litecoin Out Of The Woods?
Litecoin surged 10% final week, seemingly fueled by the constructive sentiment from its group. As a consequence, 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.
Litecoin has Monthly Closed above the Downtrend
It is 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
According 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 value vary to verify the tip of the pattern.
LTC closed the month above these ranges. The token’s value soared previous $110 for the second time this yr. Nonetheless, the value 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 suggested in an X put up that if LTC’s value will get a “clean break” above this degree, traders may “comfortably see” the value surge to $200.
Moreover, crypto investor Crypto Surf identified that Litecoin “managed to close at or slightly above the 200-week,” contemplating it a “not bad” efficiency. In the charts, Crypto Surf highlights key factors from the token’s efficiency from 2017-2021 and 2021-2024.
$LTC did truly handle to shut at or barely above the 200 week MA 😅
Let’s see what these new quarter, month and week carry 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 high of Litecoin’s second halving occasion was surpassed roughly three months after breaking out of its 200-week transferring 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 value vary. This high was examined and nearly matched at the moment when the token traded at $112.
The charts recommend that, if historical past repeats itself, LTC’s value might be testing greater resistance ranges and a brand new ATH within the coming months. However, market dynamics and exterior occasions may hinder the token’s potential targets.
Was LTC’s Rise To $112 An April’s Fool Day Prank?
After briefly reaching its highest value of the yr, LTC confronted a correction that shredded the positive aspects 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. Despite this, the value dipped beneath that essential help zone. LTC has hovered across the $98-99 value vary for the previous hour.
This drop represents a 3.8% lower from LTC’s value 24 hours in the past and a 76.4% dip from its ATH. However, 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. More notably, the token had a 19.9% biweekly surge.
Similarly, its day by day buying and selling quantity has considerably surged by 186.5%, reaching $1.61 billion up to now 24 hours. LTC ranks because the 19th largest cryptocurrency by market capitalization, in response to CoinMarketCap knowledge. At 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. Source: LTCUSDT on Tradingview.com
Featured Image from Unsplash.com, Chart from TradingView.com
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