**Litecoin Sees 8% Rise Amid Market Optimism, Yet Faces Downward Trend; Needs to Break $80 for a Turnaround**
Litecoin has recently enjoyed an 8% increase, fueled by a wave of optimism in the broader market. However, it continues to face a downtrend and will need to surpass the $80 mark to challenge this pattern. While the cryptocurrency has made short-term gains and is witnessing increased adoption, its long-term trajectory remains downward, necessitating a move above $80 to shift its current course.
**Recent Developments for Litecoin**
On Thursday, Litecoin demonstrated notable strength, reaching a high of $77.04, marking a 4% rise in just 24 hours. This uptick mirrored broader market gains following the announcement of Donald Trump suspending tariffs, which was met with positive reactions from investors across both traditional and crypto markets. Among major altcoins, Litecoin exhibited one of the strongest responses.
Litecoin has proven its resilience in the cryptocurrency landscape. A recent report highlighted that it is one of the few cryptocurrencies that has remained active through various market cycles. Out of the thousands of tokens launched since 2014, Litecoin stands out as one of the longest-running, showcasing its longevity. Additionally, data indicates that Litecoin has consistently been involved in a high volume of transactions.
In March, Litecoin secured the top spot for the 22nd consecutive month on @BitPay for total transactions, as noted by their official X account. This year, the digital asset has seen a surge in adoption and integration into financial products. Fidelity, for instance, added Litecoin to its no-fee crypto IRA offering, allowing users to include it in tax-advantaged retirement accounts. Earlier in February, the token was included in the Depository Trust and Clearing Corporation (DTCC) ETF eligibility list, a significant step for assets being considered for exchange-traded products. Furthermore, in March, an asset manager submitted an amendment to the U.S. Securities and Exchange Commission (SEC) to include LTC in its Nasdaq Crypto Index US ETF. Bloomberg analysts James Seyffart and Eric Balchunas have indicated a strong likelihood of LTC ETF approval by the end of 2025, citing favorable regulatory developments and similar filings.
Despite Litecoin’s recent short-term gains, its overall trend remains downward. Since peaking above $140 in late 2024, it has generally followed a pattern of lower highs and lower lows. In early March, Litecoin attempted to break through the $100 resistance level but was unable to maintain it, leading to a decline that found support around $65. The $60 to $68 range is now viewed as a potential support zone. However, momentum indicators suggest a cautious outlook, with the RSI Divergence Indicator earlier signaling a bearish trend. To reverse the current downtrend, Litecoin will need to rise above $80. Currently, Litecoin is stabilizing above a broken symmetrical triangle on the weekly timeframe, with bullish momentum beginning to build as the price respects this formation.
