Is Litecoin Price Recovery Ready to Hit $150?

Litecoin Price: On Tuesday, the cryptocurrency market witnessed a notable sell-off in tandem with leading digital asset Bitcoin 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: Binance To List New Pairs For BCH, LTC & Others, Price Recovery Ahead?

Litecoin Surpasses $100 as Buyers Fuel Rally from Two-Year Triangle Breakout

Litecoin, 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.

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 Litecoin price showcased a notable resilience above the $78 support level and rebounded with a 6.75% intraday gain. 

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.

$LTC 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 $LTC holders now being in profit.

Looking forward, we’re eyeing a notable on-chain… pic.twitter.com/rkGaOSCHkB

— IntoTheBlock (@intotheblock) April 2, 2024

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 LTC held across 590,000 addresses, which were acquired around this value historically. 

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.

Technical Indicator:

• BB Indicator: The midline of Bollinger band provide suitable pullback support to buyers during market correction.4% 
• Average Directional Index: An uptick in ADX slope at 24% reflect the buyers have sufficient momentum to lead further rally.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.