Lorenzo Stroe
Independent Analyst
- Litecoin price is contained inside an ascending parallel channel on the 12-hour chart.
- LTC bulls have just defended a crucial support level and aim for a significant rebound.
- A key indicator is on the verge of presenting a strong buy signal for LTC.
Litecoin price is still down by 30% since its 2021 peak of $247. However, the cryptocurrency market is showing signs of a recovery, and Litecoin bulls are planning to take advantage of it.
Litecoin price poised for greatness as whales continue to accumulate
On the 12-hour chart, Litecoin price remains contained inside an ascending parallel channel and has just defended the lower trendline support. Additionally, the TD Sequential indicator has presented a red ‘8’ candlestick which is usually followed by a buy signal.
LTC/USD 12-hour chart
The confirmation of the buy signal has the potential to drive Litecoin price towards the middle trendline of the channel at $220 and up to the upper boundary at $260.
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LTC Holders Distribution
Additionally, the number of whales holding between 100,000 and 1,000,000 LTC has significantly increased since February 8, from a low of 110 to 117 currently, which indicates large holders believe Litecoin price will rise even more.
LTC/USD 12-hour chart
On the flip side, if the bears can push Litecoin price below the key support level of $165, the digital asset can quickly fall towards $130 and as low as $90 in the longer-term.
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