• Litecoin price is contained inside an ascending parallel channel on the 4-hour chart.
  • The digital asset faces only one barrier ahead which could propel its price to $200.
  • A notable number of whales have exited Litecoin, adding some selling pressure.

Litecoin has been trading in a steady and robust uptrend since the beginning of 2021. It is now facing one crucial resistance level at $175 before its final breakout towards the psychological level at $200.

Litecoin price can quickly jump to $200

On the 4-hour chart, Litecoin is contained inside an ascending parallel channel. There is a strong support level below the current price at $162 from which LTC is looking for a rebound. 

ltc price

LTC/USD 4-hour chart

The In/Out of the Money Around Price (IOMAP) chart shows practically no resistance levels ahead. The most significant barrier is located between $171 and $176 which coincides with the upper resistance trendline of the parallel channel.

ltc price

LTC IOMAP chart

A breakout above this point can easily drive Litecoin price towards $200 as the resistance ahead is weak. Additionally, the IOMAP model shows a lot of support below $160.

ltc price

LTC Holders Distribution

However, the number of whales holding between 100,000 and 1,000,000 LTC coins ($16,600,000 and $166,000,000) has declined considerably in the past week by six, which indicates large investors have been taking profits expecting a correction. 

ltc price

LTC/USD 4-hour chart

On the 4-hour chart, the TD Sequential indicator has presented a sell signal which has been accurate in the past. Litecoin price could fall towards the middle trendline of the parallel channel at $160 and as low as $152 to retest the lower boundary.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin extends gains after Fed cut interest rate

Bitcoin extends gains after Fed cut interest rate

Bitcoin extends recent gains and trades above $62,000 at the time of writing on Thursday, following a 2.4% increase the previous day after the Federal Reserve’s (Fed) dovish decision to cut interest rates by 50 basis points.

More Bitcoin News
Solana announces details of Seeker, second mobile device after Saga phone

Solana announces details of Seeker, second mobile device after Saga phone

Solana Lab’s second phone, Seeker, is set to launch in 2025. At Token2049, a global conference for crypto, Solana’s General Manager Emmett Hollyer said that the new mobile would be a “rewards magnet” for its users.

More Solana News
Is Altcoin season here?

Is Altcoin season here?

Altcoin season is when cryptocurrencies other than Bitcoin see substantial price increases. On-chain data indicate that the Altcoin Season Index has further potential for growth. 

More Altcoin News
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin surges to $62,000 mark after 50 bps Fed rate cut

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin surges to $62,000 mark after 50 bps Fed rate cut

Bitcoin breaks and closes above 100-day EMA around $60,781, eyes for a rally ahead. Ethereum price approaches its key resistance level at $2,461; a close above would suggest a bullish move.

More Cryptocurrencies News
Bitcoin: On the road to $60,000

Bitcoin: On the road to $60,000

Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.

Read full analysis
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

BTC

ETH

XRP