Litecoin faces only one major resistance hurdle it must overcome to reach new annual heights.
Litecoin’s lackluster price action may finally be over. LTC has finally crossed a key resistance level that could see its market value rise by about 40%.
Coinbase IPO List packs Litecoin
Litecoin lags behind Ethereum and some of the best cryptocurrencies in terms of market cap. While the smart contracts giant reported a year-to-date return of about 190%, LTC has only increased by 85% since the beginning of 2021.
Apart from the upcoming Mimblewimble Extension Blocks (MWEB) feature, the lack of significant developments affected this altcoin’s higher ability to advance. Still, it has benefited from a rising crypto wave pushing many cryptocurrencies higher.
Litecoin was able to take advantage of the bullish momentum created by the recently upcoming Coinbase listing. Its price split by the upper trendline of a symmetrical triangle that it has been consolidating over the past month.
Now, LTC looks set to rise more than 38% towards a new annual high above $ 290. This goal is determined by measuring the height of the triangle’s y-axis and adding this distance to the break point.
IntoTheBlock’s Price Around Money (IOMAP) model reveals that there is only one supply barrier that could prevent Litecoin from reaching its target. Based on this on-chain metric, over 36,000 addresses had previously purchased roughly 2 million LTC for between $ 226 and $ 232.60.
Such an important area of interest can absorb some of the upward pressure seen recently, as owners in this price range will likely try to break even at positions with a buy value greater than market value. Therefore, only a definite 12-hour candlestick closing above $ 232.60 can confirm the bullish outlook.
Support is not to claim this price barrier as it could correct the symmetrical triangle’s upper trendline of $ 212 or support at $ 195.50. Here, IOMAP cohorts show that approximately 180,000 addresses have more than 3.80 million LTC.