On March 23, LTC overtook top contenders BTC and ETH to become one of the best-performing digital currencies.

Litecoin attracts investors from Bitcoin and Ethernet Square

LTC rose 5.5% to a peak of about $92.50 in intraday trading. By comparison, the total market capitalization of login passwords increased by 2.25% to $114 million, of which BTC and ETH rose 1.79% and 1.42% respectively.

The Fed meeting raised interest rates by 25 percentage points on March 22nd, which may be an important driving force behind Litecoin's victory over data encryption competitors in the past 24 hours.

It is worth noting that since the announcement of the Fed meeting, LTC has risen by more than 15 per cent compared with BTC and about 14.5 per cent compared with ETH.

One of the main reasons is that Litecoin mainly showed the relative introduction of cars to sell the encrypted currency market in March, which has fallen more than 6.5 per cent so far that month, while the encryption market has risen 9.35 per cent.

As a result, traders may see this as a "bargain-hunting" opportunity for Litecoin, with more upside potential, especially if there are few other noteworthy metal catalysts.

Dolphin accumulation technology ahead of Wright Haitians halved?

In addition, the information on the chain shows that the supply of Litecoin held at the detailed address increased in March, with the account balance between 1 million and 10 million LTC. In addition, the detailed address account balance in 100,000 LTC and 1 million LTC intermediate market supply market share has been declining.

This means that whales with 10000-1 million LTC have been accumulating Litecoin in March to reach the sequence of 1 million-10 million LTC holders.

Letterkin halved Xin's happiness.

Halving also happens when the revenue from mining new urban blocks is halved.

Before the Bitcoin and Lettercoin markets, the halving of the Bitcoin and Lettercoin markets happened before the long-term bull market. As a result, the next round of halving of Letterkin, scheduled for August, is likely to lead to a similar rise.

REKT Capital, a separate investment analyst, stressed that the cheering around halving Litecoin is likely to seriously affect traders to buy LTC in the face of a "market-wide decline".

What's the next step in LTC price?

From a professional point of view, Litecoin seems to be preparing ahead of time to undergo a price adjustment in the coming weeks.

It is worth noting that the LTC/ dollar has been testing its downward trend line friction for several months to look for implicit adjustments similar to those that occurred in May and November 2021.

If there is a critical bullish reversal, LTC may test the previous support around $47.50 as an overall target for a decline, which is about 45 per cent lower than total demand at this stage.

Conversely, raising the downward trend line friction resistance is likely to lead LTC prices to a price position of $105-$140.