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.
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 — Rekt Capital (@rektcapital)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.
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)The $146 pre-halving top of Litecoin’s second halving event was 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.
Was LTC’s Rise To $112 An April’s Fool Day Prank?
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 hovered 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 increased 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.
Litecoin is trading at $99.13 in the 3-day chart. Source: LTCUSDT on