Date: Mon, February 10, 2025 | 06:48 AM GMT
The cryptocurrency market continues to experience a correction. Since the November rally, many altcoins have faced steep declines, largely influenced by Bitcoin’s rising dominance, which surged from 54.96% in early December to 61.73% currently. This shift has added significant bearish pressure on altcoins. Additionally, ongoing global events, such as new trade tariffs, have injected further volatility into the market.
Two major altcoins, Litecoin (LTC) and Uniswap (UNI), have retraced after their recent breakout rallies. While LTC has held relatively well, correcting only 7%, UNI has taken a harder hit, dropping over 50% in the last 60 days.
Source: Coinmarketcap However, both assets have now reached critical support zones, signaling a potential reversal.
Litecoin (LTC)
Litecoin has successfully broken out of a three-year-long descending triangle in December 2024, marking a crucial shift in its price structure. The breakout occurred when LTC surged above the $94 resistance, pushing its price to a local high of $147.
Litecoin (LTC) Monthly Chart/Coinsprobe (Source: Tradingview) However, due to recent market turbulence, LTC dropped to a low of $80.81, retesting the breakout trendline and the 25-month SMA (Simple Moving Average). The good news? Litecoin held this key level and rebounded strongly, now trading around $113.57.
Moving forward, the next key resistance is at $147. A successful breakout above this level could open the doors for a strong rally towards $200 and beyond.
Uniswap (UNI)
Uniswap (UNI) also made a significant breakout in late 2024 from a long-standing descending triangle pattern that had been in place since 2021. The breakout was confirmed when UNI crossed above the $9.50 resistance, rallying to a local high of $19.46.
Uniswap (UNI) Weekly Chart/Coinsprobe (Source: Tradingview) However, unlike LTC, UNI faced a sharper correction, dropping over 50% to $6.94 before finding support at the 100-month SMA. Currently, the token has rebounded to $9.15, indicating a potential recovery.
The next key resistance is at $19.46. A successful breakout above this level could open the doors for a major rally.
Is a Bounceback Ahead?
Both LTC and UNI have successfully retested their breakout levels, and their next moves will be critical in determining whether the recent correction is over.
If Litecoin breaks above $147 and Uniswap clears $19.46 convincingly, we could see a strong altcoin recovery. However, much of their movement will depend on Bitcoin’s dominance and Ethereum’s performance.
For now, watch these key resistance levels closely, as a breakout could trigger the next major rally.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before investing in cryptocurrencies.
