Litecoin Traders See Sub-$100 LTC Prices as Accumulation Opportunities

As trade tensions escalate between the US, Canada, China, and Mexico, the cryptocurrency market is feeling the pressure. However, amidst this turmoil, Litecoin (LTC) is emerging as a beacon of opportunity for savvy traders. Analysts are increasingly optimistic about LTC, especially after it demonstrated remarkable price resilience in February, standing out among altcoins.

Litecoin’s Price Resilience Against Bitcoin

In February, Litecoin was one of the few altcoins that maintained its price dominance against Bitcoin (BTC). While Bitcoin experienced a significant 18% drop, Litecoin managed to hold its ground, remaining at breakeven for the month. This resilience has sparked positive discussions within the crypto community, highlighting Litecoin’s potential as a stable investment.

Signs of Reaccumulation in Litecoin

Valeriya, a well-known crypto and Forex trader, has pointed out that Litecoin is showing “signs of reaccumulation.” This sentiment is echoed by many in the trading community, who believe that current price dips below $100 present a prime opportunity for accumulation. The daily chart indicates that LTC has consistently remained above the 200-day exponential moving average (200D-EMA) since November 6, 2024. A drop below this critical level could signal a bearish shift in the market.

Support Levels for Litecoin

In the event of a bearish trend, the immediate support for Litecoin is identified between $92 and $100, with further support levels ranging from $80 to $88. Recent price action shows that LTC retested the support range of $92 to $100 on March 4, quickly recovering above the 200D-EMA. This swift recovery suggests that traders are actively buying the dips, reinforcing the idea that these price levels are attractive for accumulation.

Onchain Data Supports Accumulation Thesis

Data from IntoTheBlock provides additional onchain confluence to the support ranges outlined in the chart. Between the price levels of $79 and $90, approximately 6.86 million LTC tokens are held by 1.73 million addresses. Furthermore, 1.11 million addresses hold a staggering 17.84 million LTC tokens within the $90 to $108 range. This accumulation by numerous addresses indicates a strong belief in Litecoin’s potential for future growth.

Investment Considerations

While the outlook for Litecoin appears promising, it is essential to approach any investment with caution. This article does not constitute investment advice or recommendations. Every trading decision carries inherent risks, and readers are encouraged to conduct thorough research before making any financial commitments.

In conclusion, as Litecoin continues to navigate the complexities of the current market, traders are optimistic about the potential for accumulation at sub-$100 prices. With its recent price resilience and strong support levels, LTC may present a valuable opportunity for those looking to invest in the cryptocurrency space.

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