- LTC uptrend in progress toward $300 breakout
- Litecoin releases Q1 report, says progress is historical
As the week began, Litecoin (LTC) bounced off from lows of $244 to reach intraday’s high of $258, returning toward the $262 handle. The recent uptrend is still going strong, and the token could smash through the $300 to record another yearly high at any time. This week’s market reinforcement could inspire a clearer direction for LTC/USD upside range break.
Lending support to the Litecoin on dips, the accelerating Altcoin market recovery is underpinning crypto risk appetite. With the overall cryptocurrency market cap index returning above the 2 Trillion marks in the past week. The daily correlation between Litecoin’s market cap and global cryptocurrency market cap remains solid.
At the time of writing, Litecoin’s (LTC) spot price is recovering from its $2.26% daily loss and remains up 26.83% in 7 days. The market cap currently stands at $17.05 billion with $5.55 billion in exchange-traded volume over the past 24 hours.
Litecoin Team released a new quarterly (Q1) report. It states that Q1 has also proven to be a historical time for Litecoin, marked by the code completion of the MWEB (mimblewimble) project. Other aspects of growth highlighted include a significant increase in daily transactions with a current range between 100k-116k transactions per day and a 55% increase in LTC price. Litecoin also attained a historic milestone of 2 million mined blocks.
LTC/USD daily chart: Bullish
After the start of the day, the LTC/USD has retraced $14, or 2.26 percent, against the US Dollar. LTC price rebounds after bulls backtracked on rejection by the resistance around the $262 region amid weaker thrust as volume underpins the rally.
At $247, the pair broke through the lower boundary of the upside channel support, hitting an intraday low of $244.60. The price currently trades near the bottom of the upside channel’s border, indicating that a lower breakout is possible.
If the breakout occurs, this session could see a decline towards the $240 horizontal support area. Bullish traders may target the psychological zone at $300 in the coming trading sessions if the horizontal support level at $240 holds.
- Supply Levels: $300, $280, $262
- Demand Levels: $240, $230, $220
Failure to pivot here may activate fresh selling orders towards the $240 – $230 support region, where any rebound would shift the spotlight straight to the $280 – $300 psychological territory.