Litecoin Soars Above $110 As LTC Breaks Out Of Macro Downtrend: Analysts

In Q1 2023, Litecoin (LTC) accomplished a significant milestone with more than 30 million transactions by the end of March. Previously, hitting this mark occurred near July 2022, when the coin was priced around $113.

More recently, the US Commodity Futures Trading Commission (CFTC) identified Litecoin as a commodity, joining Bitcoin and Ethereum in this category. This classification, coupled with speculation about a potential Litecoin exchange-traded fund (ETF), has fueled optimistic expectations among analysts and investors regarding the token’s future growth.

Is Litecoin Out Of The Woods?

Last week, Litecoin experienced a 10% increase in value. This upward trend appeared to be driven by optimistic feelings within its community. Consequently, the token broke through the $100 mark and challenged the resistance point above $105.

Crypto expert Rekt Capital announced on April 1, 2022, that Litecoin (LTC) had successfully broken its long-term price trend set in place since April 2021.

$LTC
Litecoin has Monthly Closed above the Downtrend
It is confirmed
The Macro Downtrend has been broken for the first time since April 2021
The Macro Downtrend is now officially over#LTC #Crypto #Litecoin
— Rekt Capital (@rektcapital) April 1, 2024

Based on the analysis, if the token was able to pass the test by holding above the $94 price mark, it would signal the end of its long-term downtrend and make that level a new support point.

LTC ended the month above the specified prices. For the second occasion in 2023, the token’s value surpassed $110. However, this upward trend did not last as the price swiftly corrected and retreated to around $105-$106.

Following the adjustment, The Cryptonomist, an analyst, proposed in a Reddit thread that should Litecoin’s (LTC) price manage to clear this specific threshold, it might be reasonable for investors to anticipate a significant increase towards $200.

Additionally, crypto analyst Crypto Surf noted that Litecoin ended its weekly closing above or at the 200-week moving average, which he deemed as a satisfactory achievement. In his analysis, Crypto Surf emphasized significant milestones from Litecoin’s price trend during the years 2017-2021 and 2021-2024 in the provided charts.

$LTC did actually manage to close at or slightly above the 200 week MA
Let’s see what these new quarter, month and week bring us
For now, we’re above the meme lines, so not bad.
— Surf (@_CryptoSurf) April 1, 2024

Around three months after Litecoin’s second halving event, when the price reached a peak of $146 before the halving, it broke above its 200-week moving average. This breakthrough was then followed by an all-time high (ATH) for Litecoin in 2021, which was recorded at $410.

Following the third reduction in Litecoin’s reward for miners (halving), the cryptocurrency peaked around the $115 mark prior to this event. Recently, the token came close to retesting this price level, trading at approximately $112.

Based on historical trends indicated by the graphs, LTC‘s price may challenge higher resistance points and set a new all-time high within the next few months. Yet, it’s important to note that market conditions and unforeseen occurrences could potentially prevent the token from reaching its predicted goals.

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

LTC experienced a brief price peak this year, but then underwent a correction that erased the price increases achieved during the weekend.

The digital coin finished the March monthly trading with a higher mark versus significant benchmarks and maintained an position above $100 for the previous three days. However, it momentarily fell beneath this crucial support level. Litecoin has been fluctuating around the $98-99 price bracket for the past hour.

The price of Litecoin (LTC) has dropped by 3.8% within the last 24 hours, and this is a significant decrease considering it was 76.4% lower than its all-time high (ATH). Nevertheless, LTC has been showing positive gains over longer timeframes.

In the past week, there was a 8.8% growth in the price of LTC. Within a month, this figure rose by an additional 8.9%. However, it’s important to highlight that over the past two weeks, LTC experienced a significant jump of 19.9%.

In a comparable manner, the daily trading volume of Litecoin has experienced a substantial increase of 186.5%, amounting to $1.61 billion in the past 24 hours, based on CoinMarketCap’s latest data. Currently ranked as the 19th largest cryptocurrency by market capitalization, Litecoin is trading at a price of $99.13.

Litecoin Soars Above $110 As LTC Breaks Out Of Macro Downtrend: Analysts

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2024-04-02 04:16