Rally

Litecoin

2024

Bitcoin

April

Litecoin Price: On Tuesday, the cryptocurrency market witnessed a notable sell-off in tandem with leading digital asset <a href="https://coingape.com/peter-schiff-teases-reasons-for-bitcoin-btc-preference-over-gold/" rel="noopener noreferrer nofollow">Bitcoin</a> falling 6%. While the downturn sparked a fresh wave of correction in major altcoins, the Litecoin buyers showed significant resilience by sustaining above the $93 mark. With an intraday of 6.8%, the LTC price rebounded above $105, indicating the buyers continue to accumulate at market dips.
Also Read: <a href="https://coingape.com/binance-list-new-pairs-bch-ltc-other-price-recovery-ahead/" rel="noopener noreferrer nofollow">Binance To List New Pairs For BCH, LTC &amp; Others, Price Recovery Ahead?</a>
<h2 id="b-litecoin-surpasses-100-as-buyers-fuel-rally-from-two-year-triangle-breakout-b">Litecoin Surpasses $100 as Buyers Fuel Rally from Two-Year Triangle Breakout</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/z/Zo2VdMLR.png" alt="BINANCE:BTCUSDT Chart " width="1814" height="836">
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 Litecoin Price| tradingview
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<a href="https://coingape.com/markets/litecoin-price-prediction-will-ltc-hit-150-following-cftcs-commodity-classification/" rel="noopener noreferrer nofollow">Litecoin</a>, a peer-to-peer cryptocurrency often regarded as the silver to Bitcoin’s gold, witnessed a renewed recovery trend in late March as its price rebounded from $77 support. The bullish reversal led by an ascending trendline propelled the coin value by 46% to hit a 9-month high of $112.8.
<blockquote>
 Amid this rally, the buyers gave a decisive breakout from the overhead triangle pattern on March 29th. This pattern developed for the past 2 years indicating a major-shift market dynamic. Despite the current market correction, the <a href="https://coingape.com/price/litecoin/" rel="noopener noreferrer nofollow">Litecoin price</a> showcased a notable resilience above the $78 support level and rebounded with a 6.75% intraday gain.&nbsp;
</blockquote>
As per analytics firm IntoTheBlock, Litecoin (LTC) emerged as one of the few top 100 assets currently in the green, indicating a strong performance since the Commodity Futures Trading Commission (CFTC) classified it as a commodity. This bullish trend has resulted in approximately 75% of LTC holders now seeing profits on their investment.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/search?q=%24LTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$LTC</a> is currently one of the select few assets in the top 100 that's in the green today, showing strong performance ever since it was labeled a commodity by the CFTC. This move has led to 75% of <a href="https://twitter.com/search?q=%24LTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$LTC</a> holders now being in profit.
 Looking forward, we're eyeing a notable on-chain… <a href="https://t.co/rkGaOSCHkB" rel="noopener noreferrer nofollow">pic.twitter.com/rkGaOSCHkB</a>
 — IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1775188761598386369?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 2, 2024</a>
</blockquote>
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If the altcoin manage to sustain above the ascending trendline, the bullish pattern will remain intact providing buyers a suitable support to prolong bullish rally. Amid favorable conditions, the recovery trend sholde chase a potential target of $195.
However, IntoTheBlock’s analysis also highlights an upcoming on-chain resistance level for LTC at the $150 price point. This is a crucial juncture since it represents a concentration of 8.16 million <a href="https://coingape.com/litecoin-ltc-price-breaks-past-105-major-price-rally-expected-in-april/" rel="noopener noreferrer nofollow">LTC</a> held across 590,000 addresses, which were acquired around this value historically.&nbsp;
Notably, since December 2021, these holders have been experiencing a loss, suggesting that the $150 mark may serve as a significant resistance point due to potential selling pressure from these investors seeking to break even.
<h2 id="b-technical-indicator-b">Technical Indicator:</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">BB Indicator: The midline of <a href="https://coingape.com/education/bollinger-band/" rel="noopener noreferrer nofollow">Bollinger band</a> provide suitable pullback support to buyers during market correction.4%&nbsp;</li>
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: An uptick in ADX slope at 24% reflect the buyers have sufficient momentum to lead further rally.</li>
</ul>
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The post <a href="https://coingape.com/markets/is-litecoin-price-recovery-ready-to-hit-150/" rel="noopener noreferrer nofollow">Is Litecoin Price Recovery Ready to Hit $150?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Is Litecoin Price Recovery Ready to Hit $150?

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