While Bitcoin (BTC) and altcoins started April with a decline, the cryptocurrency market found itself in the red.
While most altcoins experienced significant declines due to the downward trend, Litecoin (LTC) was one of the altcoins that remained outside this trend.
In this case, while the CFTC's classification of LTC as a commodity is effective, Litecoin, known as digital silver, is showing signs of revival.
IntoTheBlock wrote in its recent LTC analysis that 75% of LTC holders are now making a profit, noting that the CFTC's commodity qualification has improved price performance.
IntoTheBlock stated that the critical level for LTC is $150 and said that all eyes are on the $150 resistance.
Because, according to historical data, 590,000 addresses purchased 8.16 million LTC at $150 in December 2021. At this point, this creates a major resistance point considering that investors have been at a loss since December 2021.
“LTC is one of a select few assets in the top 100 cryptocurrencies currently in the green and has been performing strongly since being labeled a commodity by the CFTC. This move by the CFTC has led to 75% of LTC holders making profits.
Looking ahead, we see critical resistance around $150, where 8.16 million LTC was purchased, historically held by 590,000 addresses.
This level could form a significant resistance point as these LTC investors have been making losses since December 2021.”
As you may recall, the CFTC recently classified Litecoin as a commodity in a lawsuit filed against leading crypto exchange KuCoin.
*This is not investment advice.
