Why is Litecoin (LTC) Price Surging, Defying The Bearish Crypto Market?

If you have watched the cryptocurrency market over the past few days, you have undoubtedly noticed the gloomy pattern exhibited by all the top cryptocurrencies, from Bitcoin and Ethereum to Cardano, XRP, and even Solana. However, one notable token stands out from this gloomy scene.

Litecoin Updates

In a sea of red, Litecoin is swimming in green. The altcoin has increased by over 8% in the past twenty-four hours and is currently worth $105.

However, this outstanding performance isn’t an anomaly. Two days ago, the Commodity Futures Trading Commission tagged Ethereum (ETH) and Litecoin (LTC) as commodities amidst a legal battle with KuCoin. This is a big deal because it’s a badge of honor for Litecoin. 

And what’s more, Coinbase Institutional rolled out the red carpet for Litecoin Futures on its platform. Talk about a confidence boost for investors! But Litecoin developers have also been busy themselves. They just rolled out their latest update, Core v0.21.3. 

This update is all about making Litecoin even slicker with the adoption of MWEB, which means MimbleWimble Extension Blocks. These blocks are like a magic cloak for transactions, offering an extra layer of privacy and, by extension, making Litecoin more scalable and fungible. 

The update also threw in some technical goodies with LIP006 and its server component, making running a full node a walk in the park – you just need a computer with over 160GB of free space to stay on around the clock.

Also Read : Whales on the Move! Millions in DOGE and SHIB Shifted; Should You Be Worried?

LTC Price Analysis

The market’s been watching, and Litecoin’s price did a little dance of victory by breaking free from a stifling overhead triangle pattern that’s been in place for the last two years on March 29. 

This breakout signaled a major shift in market dynamics and sentiments. Even when the market tried to push it down, Litecoin stood strong, bouncing back from the $78 support level with a solid 7% gain in a day.

Interestingly, IntoTheBlock’s got some data that puts a spotlight on an upcoming on-chain resistance level for Litecoin at the $150 mark. This level is like the boss fight for Litecoin, with around 8.16 million LTC parked across 590,000 addresses. 

These holders bought in at that level and have been sitting on losses since December 2021. So, hitting that $150 mark again? It will be interesting, given the potential selling frenzy from those looking to break even.

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