- Litecoin price had a breakout from a descending wedge pattern on the 4-hour chart.
- The digital asset aims for a price target of $300 in the near term.
- The number of LTC whales has significantly decreased in the past week.
Litecoin price has been trading sideways for the past 24 hours after a breakout from a key pattern formed on the 4-hour chart. However, the number of large holders of LTC has significantly decreased over the last week, indicating that whales are taking profits from their positions.
Litecoin price eying up $300 but faces selling pressure ahead
Litecoin formed a descending wedge pattern on the 4-hour chart which can be drawn by connecting the lower highs and lower lows with two converging trend lines. The price target of this breakout is $300 and has not been reached yet.
LTC/USD 4-hour chart
The In/Out of the Money Around Price (IOMAP) chart shows only one significant resistance area between $265 and $273 where 50,000 addresses purchased 1.4 million LTC. A breakout above this point should push Litecoin price toward the $300 target.
LTC IOMAP chart
On the other hand, it seems that large holders of LTC are losing their faith in the digital asset, a bearish sign. The number of whales with 100,000 to 1,000,000 LTC has greatly decreased in April from a high of 118 to a current low of 106.
LTC Supply Distribution
The IOMAP model indicates that the area between $257 and $242 is a critical support range. A breakdown below this area could drive Litecoin price toward the next important support point at $227.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.