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On Tuesday, the cryptocurrency market witnessed a notable sell-off wave following a 6% drop in the leading cryptocurrency, Bitcoin (BTC). The decline triggered a new correction wave in major altcoins, while Litecoin buyers maintained significant resistance by staying above the $93 level.
LTC’s Recovery Process
With an intraday increase of 6.8%, the LTC price climbed above $105, indicating that buyers continue to accumulate during market dips. Litecoin, often considered the silver to Bitcoin‘s gold, witnessed a renewed recovery trend as its price rebounded from the $77 support level towards the end of March.
The uptrend line led to a bullish momentum, increasing the cryptocurrency’s value by 46%, reaching a 9-month high of $112.8. Amidst this rally, buyers made a decisive exit from the ascending triangle formation on March 29th. This pattern developed over the last 2 years, signaling a significant shift in market dynamics. Despite the current market correction, the Litecoin price showed notable resistance above the $78 support level and recovered with a 6.75% intraday gain.
LTC’s Analytical Reports
According to the cryptocurrency analytics platform IntoTheBlock, Litecoin (LTC) emerged as one of the few top 100 tokens currently on an upward trend, showing strong performance since the Commodity Futures Trading Commission (CFTC) classified it as a commodity. This bullish trend resulted in approximately 75% of LTC holders now seeing profits from their investments. If the altcoin remains above the rising trend line, the bullish formation will remain intact, providing buyers with a suitable support to extend the rally. Under favorable conditions, the recovery trend could pursue 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 critical juncture as it historically represents a concentration of 8.16 million LTC held in 590,000 addresses around this value. Particularly since December 2021, these investors have been experiencing a loss. This suggests that the $150 level could be a significant resistance point due to potential selling pressure from investors seeking a break-even point.
