Litecoin Soars Above $110 As LTC Breaks Out Of Macro Downtrend: Analysts By Orbit Brain April 2, 2024 0 57 views 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) not too long ago labeled 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 powerful efficiency for the token.Associated Studying: Litecoin ETF Rumors Gasoline 10% Surge As Establishments Trace At CuriosityIs Litecoin Out Of The Woods?Litecoin surged 10% final week, seemingly fueled by the constructive sentiment from its group. In consequence, the token rose above $100 and examined its resistance above the $105 degree.Crypto analyst Rekt Capital confirmed that, as April 1st began, LTC formally broke the macro downtrend for the primary time since April 2021.$LTCLitecoin has Month-to-month Closed above the DowntrendIt’s confirmedThe Macro Downtrend has been damaged for the primary time since April 2021The Macro Downtrend is now formally over#LTC #Crypto #Litecoin https://t.co/yU7Gz7X1ck pic.twitter.com/ktgOYKTarz— Rekt Capital (@rektcapital) April 1, 2024In keeping with the analyst, after efficiently retesting its multi-year macro downtrend and turning it into a brand new assist degree, the token needed to keep above the $94 worth vary to substantiate the top of the development.LTC closed the month above these ranges. The token’s worth 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 publish that if LTC’s worth will get a “clear break” above this degree, buyers may “comfortably see” the value 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 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, 2024The $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 worth vary. This high was examined and virtually matched in the present day when the token traded at $112.The charts counsel that, if historical past repeats itself, LTC’s worth could possibly 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 yr, LTC confronted a correction that shredded the good points registered over the weekend.The token closed its March month-to-month candle above necessary metrics and has resisted above $100 in the course of the previous three days. Regardless of this, the value dipped beneath that necessary assist 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, in line with CoinMarketCap information. On the time of writing, Litecoin is buying and selling at $99.13.Associated Studying: From $90 To $400 Litecoin: Analysts Bullish On LTC Hovering TrajectoryLitecoin 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.comDisclaimer: The article is offered for academic functions solely. It doesn’t characterize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your individual analysis earlier than making any funding choices. Use info offered on this web site totally at your individual threat.Share this:FacebookXPrintEmailLinkedInRedditTwitterTumblrPinterestTelegramWhatsApp Orbit Brainhttps://orbitbrain.com/ Orbit Brain is the senior science writer and technology expert. Our aim provides the best information about technology and web development designing SEO graphics designing video animation tutorials and how to use software easy waysand much more. Like Best Service Latest Technology, Information Technology, Personal Tech Blogs, Technology Blog Topics, Technology Blogs For Students, Futurism Blog.
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