Litecoin

2024

when

Rekt

Litecoin (LTC) has shown a notable performance in the first quarter of the year, <a href="https://x.com/LTCFoundation/status/1774111953671385199?s=20" target="_blank" rel="noopener nofollow">reaching</a> over 30 million transactions by March 30. Last year, this feat was achieved around July when LTC traded at around $113. 
The US Commodity Futures Trading Commission (CFTC) recently classified Litecoin as a commodity alongside Bitcoin and Ethereum. The designation and rumors of a Litecoin exchange-traded fund (ETF) sparked bullish sentiment. Analysts and investors have forecasted a strong performance for the token. 
<h2 style="font-weight: 400" id="is-litecoin-out-of-the-woods">Is Litecoin Out Of The Woods?</h2> 
Litecoin surged 10% last week, seemingly fueled by the <a href="https://www.newsbtc.com/news/litecoin/litecoin-beats-out-dogecoin-bitcoin-to-emerge-as-top-crypto-for-payments/" target="_blank" rel="noopener ">positive</a> sentiment from its community. As a result, the token rose above $100 and tested its resistance above the $105 level. 
Crypto analyst Rekt Capital confirmed that, as April 1st started, LTC officially broke the macro downtrend for the first time since April 2021. 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 <a href="https://twitter.com/search?q=%24LTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$LTC</a> 
 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<a href="https://twitter.com/hashtag/LTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#LTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/Litecoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Litecoin</a> <a href="https://t.co/yU7Gz7X1ck" rel="nofollow">https://t.co/yU7Gz7X1ck</a> <a href="https://t.co/ktgOYKTarz" rel="nofollow">pic.twitter.com/ktgOYKTarz</a> 
 — Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1774606592366760077?ref_src=twsrc%5Etfw" rel="nofollow">April 1, 2024</a>
</blockquote> 
According to the analyst, after successfully retesting its multi-year macro downtrend and turning it into a new support level, the token had to stay above the $94 price range to confirm the end of the trend. 
LTC closed the month above these levels. The token’s price soared past $110 for the second time this year. Nonetheless, the price didn’t hold for long, as it immediately faced a correction and dropped back to the $105-106 range. 
After the correction, analyst The Cryptonomist <a href="https://twitter.com/Thecryptomist/status/1774780368337477673" target="_blank" rel="noopener nofollow">suggested</a> in an X post that if LTC’s price gets a “clean break” above this level, investors could “comfortably see” the price surge to $200. 
Moreover, crypto investor Crypto Surf pointed out that Litecoin “managed to close at or slightly above the 200-week,” considering it a “not bad” performance. In the charts, Crypto Surf highlights key points from the token’s performance from 2017-2021 and 2021-2024. 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 <a href="https://twitter.com/search?q=%24LTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$LTC</a> did actually manage to close at or slightly above the 200 week MA <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f605.png" alt="😅" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 Let's see what these new quarter, month and week bring us<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/231b.png" alt="⌛" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 For now, we're above the meme lines, so not bad. <a href="https://t.co/xqTDWet7tv" rel="nofollow">https://t.co/xqTDWet7tv</a> <a href="https://t.co/GT3asJBQF2" rel="nofollow">pic.twitter.com/GT3asJBQF2</a> 
 — Surf (@_CryptoSurf) <a href="https://twitter.com/_CryptoSurf/status/1774738194489061620?ref_src=twsrc%5Etfw" rel="nofollow">April 1, 2024</a>
</blockquote> 
The $146 pre-halving top of Litecoin’s second halving event was <a href="https://twitter.com/_CryptoSurf/status/1774379704675365199" target="_blank" rel="noopener nofollow">surpassed</a> approximately three months after breaking out of its 200-week moving average (MA). This breakout was followed by LTC’s all-time high (ATH) of $410 in 2021. 
After Litecoin’s third halving event, LTC’s pre-halving top reached the $115 price range. This top was tested and almost matched today when the token traded at $112. 
The charts suggest that, if history repeats itself, LTC’s price could be testing higher resistance levels and a new ATH in the coming months. However, market dynamics and external events could hinder the token’s potential targets. 
<h2 style="font-weight: 400" id="was-ltc-s-rise-to-112-an-april-s-fool-day-prank">Was LTC’s Rise To $112 An April’s Fool Day Prank?</h2> 
After briefly reaching its highest price of the year, LTC faced a correction that shredded the gains registered over the weekend. 
The token closed its March monthly candle above important metrics and has resisted above $100 during the past three days. Despite this, the price dipped below that important support zone. LTC has <a href="https://www.newsbtc.com/analysis/ltc/litecoin-price-prediction-ltc-rally-120/" target="_blank" rel="noopener ">hovered</a> around the $98-99 price range for the past hour. 
This drop represents a 3.8% decrease from LTC’s price 24 hours ago and a 76.4% dip from its ATH. However, Litecoin’s LTC continues to register green numbers over longer timeframes. 
LTC has <a href="https://www.newsbtc.com/news/litecoin-soars-past-105-is-ltc-set-for-epic-rally-this-april/" target="_blank" rel="noopener ">increased</a> 8.8% and 8.9% in the weekly and monthly timeframes. More notably, the token had a 19.9% biweekly surge. 
Similarly, its daily trading volume has significantly surged by 186.5%, reaching $1.61 billion in the past 24 hours. LTC ranks as the 19th largest cryptocurrency by market capitalization, according to CoinMarketCap data. At the time of writing, Litecoin is trading at $99.13. 
<img loading="lazy" decoding="async" class="size-large wp-image-600855 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/04/LTCUSD_2024-04-01_12-44-49.png?w=860&amp;resize=860%2C433" alt="litecoin, LTC, LTCUSDT, crypto analyst" width="860" height="433" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/LTCUSD_2024-04-01_12-44-49.png?w=1022 1022w, https://www.newsbtc.com/wp-content/uploads/2024/04/LTCUSD_2024-04-01_12-44-49.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/LTCUSD_2024-04-01_12-44-49.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/LTCUSD_2024-04-01_12-44-49.png?w=860&amp;resize=860%2C433 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/LTCUSD_2024-04-01_12-44-49.png?w=360 360w, https://www.newsbtc.com/wp-content/uploads/2024/04/LTCUSD_2024-04-01_12-44-49.png?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1">

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

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