Litecoin price is being driven by whales that may push LTC towards $300

  • Litecoin price was on the verge of hitting a new 2020-high in the past 24 hours.
  • It seems that most of the price action is coming from large investors.

Litecoin seems to have broken out of an ascending triangle pattern on the 3-day chart aiming to hit $300 in the long-term. Several on-chain metrics indicate that large investors are driving the price currently.

Litecoin eying up $300 as several metrics turn extremely bullish

On the 3-day chart, the breakout above the ascending triangle pattern is an extremely bullish signal and has a potential price target of $300, a 248% price increase derived from the height of the pattern.

ltc price

LTC/USD 3-day chart

Furthermore, it seems that the number of whales holding between 1,000,000 and 10,000,000 coins ($89,000,000 and $890,000,000) has increased by two in the past week. Although this might seem like a small number of investors, the sum of money is considerably high.

ltc price

Litecoin Holders Distribution chart

The continuous increase in the number of large LTC transactions seems to corroborate this theory that large investors are the ones driving Litecoin price which remains considerably stronger than many other altcoins.

ltc price

LTC Large Transactions chart

The In/Out of the Money Around Price chart shows only one significant resistance area between $94 and $97 where 15,240 addresses purchased around 1.93 million LTC. On the other hand, the chart shows a lot of support to the downside.

ltc price


It seems that climbing above $97 would be the final confirmation of the breakout above the ascending triangle pattern on the daily chart

On the other hand, a rejection from the upper trendline of the pattern at $84 would be a notable bearish indicator capable of pushing Litecoin price down to the lower boundary at around $55. A breakdown from this point could be devastating.

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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

SafeMoon retraces in preparation for 16% jump

SafeMoon price broke out of its range-bound movement as it bounced off a critical demand barrier. Moreover, SAFEMOON has also risen above the midway point of its consolidation, indicating a willingness to ascend. 

More SafeMoon News

This crucial level will determine whether Ethereum Classic price can resume its uptrend

Ethereum Classic price seems to be range-bound. While its correlation with Bitcoin dries up, ETC awaits a spike in volume. Only a daily candlestick close above the 50-day MA will help this crypto rise.

More Ethereum Classic News

Ripple to set the stage for 18% gains

XRP price formed the second peak on June 14, indicating the formation of a double top. As a result, Ripple is starting to decline, heading toward an immediate support level.

More Ripple News

Shiba Inu ready to reverse to $0.0000050

SHIB price faces stiff resistance ahead. A spike in selling pressure could send Shiba Inu drop to $0.0000050. Only a 4-hour candlestick close above $0.0000080 could save the memecoin. 

More Shiba News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast