This edition of Cointelegraph’s VC Roundup features Mira, Astria, Compute Labs, BOB, Dora and BITKRAFT Ventures.
Litecoin (LTC) has shown a notable performance in the first quarter of the year, reaching over 30 million transactions by March 30. Last year, this feat was achieved around July when LTC traded at around $113.
The US Commodity Futures Trading Commission (CFTC) recently classified Litecoin as a commodity alongside Bitcoin and Ethereum. The designation and rumors of a Litecoin exchange-traded fund (ETF) sparked bullish sentiment. Analysts and investors have forecasted a strong performance for the token.
Is Litecoin Out Of The Woods?
Litecoin surged 10% last week, seemingly fueled by the positive sentiment from its community. As a result, the token rose above $100 and tested its resistance above the $105 level.
Crypto analyst Rekt Capital confirmed that, as April 1st started, LTC officially broke the macro downtrend for the first time since April 2021.
Litecoin has Monthly Closed above the Downtrend
It is confirmed
The Macro Downtrend has been broken for the first time since April 2021
The Macro Downtrend is now officially over#LTC #Crypto #Litecoin pic.twitter.com/ktgOYKTarz
— Rekt Capital (@rektcapital) April 1, 2024
According to the analyst, after successfully retesting its multi-year macro downtrend and turning it into a new support level, the token had to stay above the $94 price range to confirm the end of the trend.
LTC closed the month above these levels. The token’s price soared past $110 for the second time this year. Nonetheless, the price didn’t hold for long, as it immediately faced a correction and dropped back to the $105-106 range.
After the correction, analyst The Cryptonomist suggested in an X post that if LTC’s price gets a “clean break” above this level, investors could “comfortably see” the price surge to $200.
Moreover, crypto investor Crypto Surf pointed out that Litecoin “managed to close at or slightly above the 200-week,” considering it a “not bad” performance. In the charts, Crypto Surf highlights key points from the token’s performance from 2017-2021 and 2021-2024.
$LTC did actually manage to close at or slightly above the 200 week MA 😅
Let’s see what these new quarter, month and week bring us⌛️
For now, we’re above the meme lines, so not bad. pic.twitter.com/GT3asJBQF2
— Surf (@_CryptoSurf) April 1, 2024
The $146 pre-halving top of Litecoin’s second halving event was surpassed approximately three months after breaking out of its 200-week moving average (MA). This breakout was followed by LTC’s all-time high (ATH) of $410 in 2021.
After Litecoin’s third halving event, LTC’s pre-halving top reached the $115 price range. This top was tested and almost matched today when the token traded at $112.
The charts suggest that, if history repeats itself, LTC’s price could be testing higher resistance levels and a new ATH in the coming months. However, market dynamics and external events could hinder the token’s potential targets.
Was LTC’s Rise To $112 An April’s Fool Day Prank?
After briefly reaching its highest price of the year, LTC faced a correction that shredded the gains registered over the weekend.
The token closed its March monthly candle above important metrics and has resisted above $100 during the past three days. Despite this, the price dipped below that important support zone. LTC has hovered around the $98-99 price range for the past hour.
This drop represents a 3.8% decrease from LTC’s price 24 hours ago and a 76.4% dip from its ATH. However, Litecoin’s LTC continues to register green numbers over longer timeframes.
LTC has increased 8.8% and 8.9% in the weekly and monthly timeframes. More notably, the token had a 19.9% biweekly surge.
Similarly, its daily trading volume has significantly surged by 186.5%, reaching $1.61 billion in the past 24 hours. LTC ranks as the 19th largest cryptocurrency by market capitalization, according to CoinMarketCap data. At the time of writing, Litecoin is trading at $99.13.
Litecoin is trading at $99.13 in the 3-day chart. Source: LTCUSDT on Tradingview.com
Featured Image from Unsplash.com, Chart from TradingView.com
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The LINK price has been the best performer in the crypto top 20 by market cap over the past week, data from Coingecko shows. The cryptocurrency recently broke out of a critical level and a downtrend and seems poised to re-capture previously lost territory.
As of this writing, the LINK price trades at $7.70 with a 4% profit in the last 24 hours. Over the previous week, the cryptocurrency recorded a 12% profit while other tokens in the top 20 have mostly seen losses, with Bitcoin Cash (BCH) standing as the exception along with Chainlink.
LINK Price About To Start Uptrend?
When the LINK price broke below in early 2023, the cryptocurrency began to descend to its current levels. The price struggled to stabilize around $5.5, but once buyers stabilized the cryptocurrency around those levels, the token formed a sideways trend.
Since May this year, the LINK price has been moving in this trend with a high of around $8. The chart below shows that trader Rekt Capital believes the token’s recent price action spells good news for LINK holders.
The chart above shows that LINK broke above an essential trend after closing a weekly candle above $7. Thus, the cryptocurrency could rise to $10.5 before meeting any critical resistance.
If the token can extend its gains, the next target could see LINK hitting $16.5 as an ultimate stand for bears to take back control and prevent a full-on bull run above $20.
As of this writing, the crypto market, at least its two most important tokens, Bitcoin (BTC) and Ethereum (ETH), are playing along on short timeframes. These cryptocurrencies recorded a 2% and 2.4% profit in the last 24 hours.
Stars Align For Chainlink
In addition to the favorable winds in the crypto market, the Chainlink platform is strengthening its fundamentals. Today, the platform launched its Cross-Chain Interoperability Protocol (CCIP) on the Coinbase-backed second-layer network Base.
This integration is set to onboard more applications and use cases on the Chainlink network. Thus, the underlying asset could benefit from greater appreciation in the long run. John Eid, Chief Business Officer at Chainlink Labs said the following about the integration:
Base and Chainlink are both building on the forefront of blockchain development as we work to bring the next wave of millions of new users into our industry. The scalability and technological creativity of Base as a layer 2 solution, combined with an ever increasing number of Chainlink services, is a boon for developers looking to build the next generation of cross-chain applications and services.
Cover image from Unsplash, Chart from Tradingview and Rekt Capital