{"id":600845,"date":"2024-04-02T01:00:40","date_gmt":"2024-04-02T01:00:40","guid":{"rendered":"https:\/\/www.uniquehot.com\/?p=600845"},"modified":"2024-04-01T18:41:21","modified_gmt":"2024-04-01T18:41:21","slug":"litecoin-soars-above-110-as-ltc-breaks-out-of-macro-downtrend-analysts","status":"publish","type":"post","link":"https:\/\/www.uniquehot.com\/news\/litecoin-soars-above-110-as-ltc-breaks-out-of-macro-downtrend-analysts\/","title":{"rendered":"Litecoin Soars Above $110 As LTC Breaks Out Of Macro Downtrend: Analysts"},"content":{"rendered":"<p style=\"font-weight: 400\">Litecoin (LTC) has shown a notable performance in the first quarter of the year, <a href=\"https:\/\/x.com\/LTCFoundation\/status\/71385199?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.<\/p>\n<p style=\"font-weight: 400\">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.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.uniquehot.com\/news\/litecoin\/litecoin-etf-rumors-fuel-10-surge\/\" target=\"_blank\" rel=\"noopener \">Litecoin ETF Rumors Fuel 10% Surge As Institutions Hint At Interest<\/a><\/div>\n<h2 style=\"font-weight: 400\">Is Litecoin Out Of The Woods?<\/h2>\n<p style=\"font-weight: 400\">Litecoin surged 10% last week, seemingly fueled by the <a href=\"https:\/\/www.uniquehot.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 $105 level.<\/p>\n<p style=\"font-weight: 400\">Crypto analyst Rekt Capital confirmed that, as April 1st started, LTC officially broke the macro downtrend for the first time since April 2021.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24LTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$LTC<\/a> <\/p>\n<p>Litecoin has Monthly Closed above the Downtrend <\/p>\n<p>It is confirmed<\/p>\n<p>The Macro Downtrend has been broken for the first time since April 2021<\/p>\n<p>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><\/p>\n<p>&mdash; Rekt Capital (@rektcapital) <a href=\"https:\/\/twitter.com\/rektcapital\/status\/66760077?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 1, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"font-weight: 400\">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.<\/p>\n<p style=\"font-weight: 400\">LTC closed the month above these levels. The token\u2019s price soared past $110 for the second time this year. Nonetheless, the price didn\u2019t hold for long, as it immediately faced a correction and dropped back to the $105-106 range.<\/p>\n<p style=\"font-weight: 400\">After the correction, analyst The Cryptonomist <a href=\"https:\/\/twitter.com\/Thecryptomist\/status\/37477673\" target=\"_blank\" rel=\"noopener nofollow\">suggested<\/a> in an X post that if LTC\u2019s price gets a \u201cclean break\u201d above this level, investors could \u201ccomfortably see\u201d the price surge to $200.<\/p>\n<p style=\"font-weight: 400\">Moreover, crypto investor Crypto Surf pointed out that Litecoin \u201cmanaged to close at or slightly above the 200-week,\u201d considering it a \u201cnot bad\u201d performance. In the charts, Crypto Surf highlights key points from the token\u2019s performance from 2017-2021 and 2021-2024.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24LTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$LTC<\/a> did actually manage to close at or slightly above the 200 week MA \ud83d\ude05<\/p>\n<p>Let&#39;s see what these new quarter, month and week bring us\u231b\ufe0f<\/p>\n<p>For now, we&#39;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><\/p>\n<p>&mdash; Surf (@_CryptoSurf) <a href=\"https:\/\/twitter.com\/_CryptoSurf\/status\/89061620?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 1, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"font-weight: 400\">The $146 pre-halving top of Litecoin\u2019s second halving event was <a href=\"https:\/\/twitter.com\/_CryptoSurf\/status\/75365199\" 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\u2019s all-time high (ATH) of $410 in 2021.<\/p>\n<p style=\"font-weight: 400\">After Litecoin\u2019s third halving event, LTC\u2019s pre-halving top reached the $115 price range. This top was tested and almost matched today when the token traded at $112.<\/p>\n<p style=\"font-weight: 400\">The charts suggest that, if history repeats itself, LTC\u2019s 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\u2019s potential targets.<\/p>\n<h2 style=\"font-weight: 400\">Was LTC\u2019s Rise To $112 An April\u2019s Fool Day Prank?<\/h2>\n<p style=\"font-weight: 400\">After briefly reaching its highest price of the year, LTC faced a correction that shredded the gains registered over the weekend.<\/p>\n<p style=\"font-weight: 400\">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.uniquehot.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.<\/p>\n<p style=\"font-weight: 400\">This drop represents a 3.8% decrease from LTC\u2019s price 24 hours ago and a 76.4% dip from its ATH. However, Litecoin\u2019s LTC continues to register green numbers over longer timeframes.<\/p>\n<p style=\"font-weight: 400\">LTC has <a href=\"https:\/\/www.uniquehot.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.<\/p>\n<p style=\"font-weight: 400\">Similarly, its daily trading volume has significantly surged by 186.5%, reaching $1.61 billion in the past 24 hours. LTC ranks as the 19<sup>th <\/sup>largest cryptocurrency by market capitalization, according to CoinMarketCap data. At the time of writing, Litecoin is trading at $99.13.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.uniquehot.com\/all\/from-90-to-400-litecoin-analysts-bullish-on-ltc-soaring-trajectory\/\" target=\"_blank\" rel=\"noopener \">From $90 To $400 Litecoin: Analysts Bullish On LTC Soaring Trajectory<\/a><\/div>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-600855 aligncenter\" src=\"https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/04\/LTCUSD_2024-04-01_12-44-49.png?w=860&#038;resize=860%2C433\" alt=\"litecoin, LTC, LTCUSDT, crypto analyst\" width=\"860\" height=\"433\" srcset=\"https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/04\/LTCUSD_2024-04-01_12-44-49.png?w=1022 1022w, https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/04\/LTCUSD_2024-04-01_12-44-49.png?w=460 460w, https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/04\/LTCUSD_2024-04-01_12-44-49.png?w=768 768w, https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/04\/LTCUSD_2024-04-01_12-44-49.png?w=860 860w, https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/04\/LTCUSD_2024-04-01_12-44-49.png?w=360 360w, https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/04\/LTCUSD_2024-04-01_12-44-49.png?w=750 750w\" sizes=\"(max-width: 860px) 100vw, 860px\"><\/p>\n<pre style=\"text-align: center\">Litecoin is trading at $99.13 in the 3-day chart. Source: LTCUSDT on <a href=\"https:\/\/www.tradingview.com\/x\/jtnadogf\/\" target=\"_blank\" rel=\"noopener nofollow\">Tradingview.com<\/a><span class=\"Apple-converted-space\">\u00a0<\/span><\/pre>\n<div class=\"disclaimer-shortcode\">Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>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. Related Reading: Litecoin ETF Rumors Fuel 10% Surge As Institutions Hint At Interest 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. $LTC 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 &mdash; 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\u2019s price soared past $110 for the second time this year. Nonetheless, the price didn\u2019t 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\u2019s price gets a \u201cclean break\u201d above this level, investors could \u201ccomfortably see\u201d the price surge to $200. Moreover, crypto investor Crypto Surf pointed out that Litecoin \u201cmanaged to close at or slightly above the 200-week,\u201d considering it a \u201cnot bad\u201d performance. In the charts, Crypto Surf highlights key points from the token\u2019s performance from 2017-2021 and 2021-2024. $LTC did actually manage to close at or slightly above the 200 week MA \ud83d\ude05 Let&#39;s see what these new quarter, month and week bring us\u231b\ufe0f For now, we&#39;re above the meme lines, so not bad. https:\/\/t.co\/xqTDWet7tv pic.twitter.com\/GT3asJBQF2 &mdash; Surf (@_CryptoSurf) April 1, 2024 The $146 pre-halving top of Litecoin\u2019s second halving event was surpassed approximately three months after breaking out of its 200-week moving average (MA). This breakout was followed by LTC\u2019s all-time high (ATH) of $410 in 2021. After Litecoin\u2019s third halving event, LTC\u2019s 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\u2019s 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\u2019s potential targets. Was LTC\u2019s Rise To $112 An April\u2019s 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\u2019s price 24 hours ago and a 76.4% dip from its ATH. However, Litecoin\u2019s 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. Related Reading: From $90 To $400 Litecoin: Analysts Bullish On LTC Soaring Trajectory Litecoin is trading at $99.13 in the 3-day chart. Source: LTCUSDT on Tradingview.com\u00a0 Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":600846,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-600845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"yoast_head":"\n<title>Litecoin Soars Above $110, Breaking Out Of Macro Downtrend<\/title>\n<meta name=\"description\" content=\"Analaysts predicts the next target as Litecoin closed 2024&#039;s Q1 above its 200-week MA, breaking out of a multi-year macro downtrend.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Garcia\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.uniquehot.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/1a5c5c83a8ac34388cefe7d0e708bab3?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/1a5c5c83a8ac34388cefe7d0e708bab3?s=96&d=mm&r=g\",\"caption\":\"Rubmar Garcia\"},\"description\":\"Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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