- Litecoin prepares for lift-off because it slices by way of a essential resistance at $170.
- LTC’s current value motion resembles a W-shaped restoration and is primed for a 20% surge quickly.
- On-chain transactional information exhibits little-to-no resistance forward.
Litecoin price has seen unbelievable positive factors of over 350% since late September 2020. With all the market in a bull run, this rally may push LTC in the direction of the subsequent resistance stage at $220.
Litecoin value poised to enter $300 territory
Litecoin established a powerful bull development as the value closed above the essential 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 exhibits 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 Worth (IOMAP) mannequin exhibits a small cluster of traders across the $190 resistance stage, the place roughly 91,200 addresses bought almost 11,000 LTC. Therefore, a surge in the direction of $220 appears attainable.
However, Litecoin sits on prime of a stable support level at $175, the place 62,400 addresses bought 2.37 million LTC. Therefore, any downward value motion can be supported by these traders who might purchase extra LTC to forestall seeing their investments go underwater.
Litecoin IOMAP chart
Nevertheless, an unexpected occasion inflicting traders to panic promote may generate sufficient promoting stress to breach the $175 assist stage. Beneath such circumstances, Litecoin may pull again to the demand barrier at $150.
