- Litecoin prepares for lift-off because it slices via a essential resistance at $170.
- LTC’s latest worth 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 unimaginable good points of over 350% since late September 2020. With the complete market in a bull run, this rally may push LTC in direction of the following resistance degree at $220.
Litecoin worth poised to enter $300 territory
Litecoin established a robust bull pattern as the worth closed above the essential resistance degree at $170 on February 9. On the time of writing, LTC was buying and selling at $190, a degree final seen nearly 1,000 days in the past.
The W-shaped restoration seen on the 1-week chart exhibits that the following target is $225. Contemplating the bullish momentum within the broader market, this 20% rise needs 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 buyers across the $190 resistance degree, the place roughly 91,200 addresses bought practically 11,000 LTC. Therefore, a surge in 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 worth motion shall be supported by these buyers who could purchase extra LTC to forestall seeing their investments go underwater.
Litecoin IOMAP chart
Nevertheless, an unexpected occasion inflicting buyers to panic promote may generate sufficient promoting stress to breach the $175 help degree. Beneath such circumstances, Litecoin may pull again to the demand barrier at $150.