Date: Tue, February 4, 2025 | 08:11 AM GMT
The cryptocurrency market is showing strong signs of recovery after an initial sharp sell-off. The bounceback is being driven by the news that tariffs on Canada and Mexico have been delayed following discussions with President Trump. Additionally, anticipation is growing ahead of today’s press conference by David Sacks, Donald Trump’s Crypto Czar, scheduled for 2 PM ET.
In response to these developments, Bitcoin (BTC) has reclaimed the $98K mark after briefly dipping to $91K, while Ethereum (ETH) has surged back to near $2,700 from a low of $2,100.
Alongside BTC and ETH, altcoins like Litecoin (LTC) and The Graph (GRT) are also making a recovery, showing noticeable gains while retesting major breakout levels.
Litecoin (LTC)
On the monthly chart, LTC has successfully broken out of a three-year-long descending triangle pattern in December 2024. The breakout occurred when Litecoin surged above the upper resistance trendline near $94, pushing its price to a local high of $147.
However, due to recent market turbulence, LTC briefly dropped to $80.81, retesting the breakout trendline. Now, LTC has regained its position above this level and is currently trading around the $100 mark. If this support holds, the next potential upside target is $147.
The Graph (GRT)
Similar to Litecoin, The Graph (GRT) made a major breakout in November 2024 from a long-standing descending triangle pattern—a formation that had been developing since the last bull run in 2021.
This breakout was confirmed when GRT surged past $0.19, reaching a local high of $0.3484 before pulling back for a retest. Currently, GRT has tested its breakout trendline near $0.12 and has since rebounded to above $0.13.
If GRT successfully bounces from this level, the next resistance is around the 100SMA, and breaking past this level could push it back towards $0.3484.
Is A Bounceback Ahead?
As of now, both LTC and GRT are retesting their breakout levels, and a successful bounce could confirm bullish continuation. However, the ongoing political developments, including the tariff wars and today’s press conference by David Sacks, could influence market sentiment in either ways.
Investors are advised to watch these key support and resistance levels closely, as a decisive move in either direction could set the stage for the next big trend.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before investing in cryptocurrencies.
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