Litecoin soars above $110 as LTC breaks out of macro downtrend: Analyst

Litecoin (LTC) showed remarkable performance in the first quarter of this year. reach Last year, this feat was achieved around July when LTC was trading around $113.

The US Commodity Futures Trading Commission (CFTC) recently classified Litecoin as a commodity alongside Bitcoin and Ethereum. Litecoin exchange-traded fund (ETF) designation and rumors sparked bullish sentiment. Analysts and investors are predicting strong performance for this token.

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This appears to have fueled Litecoin’s 10% surge last week. positive Feelings from the community. As a result, the token rose above $100 and tested resistance above the $105 level.

Crypto analyst Recto Capital confirmed that starting April 1, LTC officially broke out of the macro downtrend for the first time since April 2021.

$LTC

Litecoin’s monthly closing price exceeded the downtrend

confirmed

The macro downtrend broke for the first time since April 2021.

Macro downtrend officially ends#LTC #cipher #litecoin https://t.co/yU7Gz7X1ck pic.twitter.com/ktgOYKTarz

— Rect Capital (@rektcapital) April 1, 2024

According to analysts, after successfully retesting the multi-year macro downtrend and converting it into a new support level, the token needed to break above the $94 price range to confirm the end of the trend. That’s what it means.

LTC ended the month above these levels. The token price soared above $110 for the second time this year. Nevertheless, the price did not last long and soon faced a correction, returning to the $105-106 range.

After correction, analyst The Cryptonomist was suggested X’s post said that if LTC’s price were able to “fully break out” of this level, investors could “comfortably see” the price rising to $200.

Additionally, crypto investor Crypto Surf thought Litecoin had a “not bad” performance, noting that it “managed to close at or slightly above 200 weeks.” In the chart, Crypto Surf highlights key points from the token’s performance from 2017 to 2021 and from 2021 to 2024.

$LTC We were actually able to close at or slightly above the 200-week moving average 😅

Let’s see what the new quarter, month and week brings us ⌛️

For now, we’re above the meme line, so it’s not too bad. https://t.co/xqTDWet7tv pic.twitter.com/GT3asJBQF2

— Surf (@_CryptoSurf) April 1, 2024

Litecoin’s pre-halving high for the second halving event was $146. Beyond It has been about 3 months since it broke through the 200-week moving average (MA). This breakout was followed by an all-time high (ATH) for LTC of $410 in 2021.

After Litecoin’s third halving event, LTC’s pre-halving high reached the $115 price range. This top was tested and nearly matched today when the token traded at $112.

The chart suggests that if history repeats itself, LTC price could test higher resistance levels and a new ATH in the coming months. However, market dynamics and external events may hinder potential targets for the token.

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After briefly reaching the highest level of the year, LTC faced a correction that significantly narrowed the gains recorded over the weekend.

The token closed the March monthly candlestick above key indicators and resisted above $100 in the past three days. Nevertheless, the price has fallen below its key support zone. LTC is hovered The price range for the past hour was around $98 to $99.

This decline represents a 3.8% drop from the LTC price 24 hours ago and a 76.4% drop from the ATH price. However, Litecoin’s LTC continues to record green numbers for a longer period of time.

LTC is increased It was 8.8% and 8.9% on weekly and monthly time frames. What is even more remarkable is that the token has risen by 19.9% ​​on a bi-weekly basis.

Similarly, the daily trading volume increased by a significant 186.5% and reached $1.61 billion in the last 24 hours. LTC ranked 19th^th The largest cryptocurrency by market capitalization, according to CoinMarketCap data. At the time of this writing, Litecoin is trading at $99.13.

Litecoin is trading at $99.13 in the 3-day chart. Source: LTCUSDT on Tradingview.com 

Featured image from Unsplash.com, chart from TradingView.com

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