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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.