- Litecoin worth shaped a ‘W’ sample, also called a double backside on the 12-hour chart.
- A number of on-chain metrics give LTC the higher hand as there may be weak resistance on the best way up.
- LTC should conquer a key resistance degree for a possible breakout in direction of $300.
Litecoin (LTC) has been buying and selling in a 12-hour uptrend since March 25 however suffered a 12% correction previously 24 hours as your complete crypto market plummeted. The digital asset is poised for yet one more leg up in keeping with a number of indicators and on-chain metrics.
Litecoin worth is one barrier away from $300
On the 12-hour chart, Litecoin varieties a double backside sample and shows the uptrend starting on April 5 the place worth practically reaches the earlier excessive at the start of the sample. Probably the most vital resistance barrier is shaped at $246.75.
LTC/USD 12-hour chart
The In/Out of the Cash Round Worth (IOMAP) chart signifies that the vary between $226 and $232 is the strongest resistance space the place 84,100 addresses bought over 4.2 million LTC cash.
LTC IOMAP chart
Passing via this degree ought to rapidly drive Litecoin worth in direction of $246.75. A breakout above this level provides us a goal of over $300 calculated utilizing the peak from the double backside to the higher trendline resistance.
LTC Holders Distribution
Moreover, the variety of whales holding between 100,000 and 1,000,000 LTC has been rising by six for the previous two months which exhibits that enormous holders proceed to build up the digital asset.
To invalidate the bullish outlook, bears should push Litecoin under $200 which is a psychological degree and coincides with the 100-SMA and the 50-SMA assist factors. This breakdown can drive Litecoin price in direction of the low finish of $170.