- Litecoin prepares for lift-off because it slices by a crucial resistance at $170.
- LTC’s latest value motion resembles a W-shaped restoration and is primed for a 20% surge quickly.
- On-chain transactional knowledge reveals little-to-no resistance forward.
Litecoin price has seen unimaginable features of over 350% since late September 2020. With your entire market in a bull run, this rally might push LTC in the direction of the subsequent resistance stage at $220.
Litecoin value poised to enter $300 territory
Litecoin established a powerful bull pattern as the worth closed above the crucial resistance stage at $170 on February 9. On the time of writing, LTC was buying and selling at $190, a stage final seen nearly 1,000 days in the past.
The W-shaped restoration seen on the 1-week chart reveals that the subsequent target is $225. Contemplating the bullish momentum within the broader market, this 20% rise ought to be a stroll within the park for LTC.
LTC/USD 1-week chart
The IntoTheBlock’s In/Out of the Cash Round Value (IOMAP) mannequin reveals a small cluster of traders across the $190 resistance stage, the place roughly 91,200 addresses bought practically 11,000 LTC. Therefore, a surge in the direction of $220 appears attainable.
Alternatively, Litecoin sits on high of a stable support level at $175, the place 62,400 addresses bought 2.37 million LTC. Therefore, any downward value motion will probably be supported by these traders who could purchase extra LTC to stop seeing their investments go underwater.
Litecoin IOMAP chart
Nevertheless, an unexpected occasion inflicting traders to panic promote might generate sufficient promoting stress to breach the $175 help stage. Beneath such circumstances, Litecoin might pull again to the demand barrier at $150.