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.

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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