Litecoin (LTC) has shown a notable performance in the first quarter of the year, reaching 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.
Is Litecoin Out Of The Woods?
Litecoin surged 10% last week, seemingly fueled by the positive 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.
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 https://t.co/yU7Gz7X1ck pic.twitter.com/ktgOYKTarz
— Rekt Capital (@rektcapital) April 1, 2024
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 suggested 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.
$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. https://t.co/xqTDWet7tv pic.twitter.com/GT3asJBQF2
— Surf (@_CryptoSurf) April 1, 2024
The $146 pre-halving top of Litecoin’s second halving event was surpassed approximately three months…
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