Lorenzo Stroe
Independent Analyst
- Litecoin price is currently contained inside a symmetrical triangle pattern on the 1-hour chart.
- The pattern is on the verge of a breakout above $200, favored by technicals.
- Whales have bought a lot of Litecoin in the past three days.
Litecoin price topped out at $193 and was unable to crack the previous high of $195. The digital asset is trading inside a tightening range and it’s on the verge of a 15% move, most likely to the upside according to various indicators.
Litecoin price is on the brink of reaching $220
Litecoin has established a symmetrical triangle pattern on the 1-hour chart and it’s on the verge of a breakout. Cracking the resistance level at $190 would quickly push Litecoin price towards $220, which is a 15% move, calculated by using the height of the pattern.
LTC/USD 1-hour chart
The In/Out of the Money Around Price (IOMAP) chart shows practically no significant barriers on the way up above $185. There is, however, a lot of support below $185 which means bulls have the upper hand.
LTC IOMAP chart
Additionally, the number of whales holding between 100,000 and 1,000,000 LTC coins ($18,500,000 and $185,000,000) has increased by three which is significant.
%20[20.03.25,%2011%20Feb,%202021]-637486678858384997.png)
LTC Holders Distribution
However, on the other hand, the symmetrical triangle pattern can also break bearishly if the support level at $182 cracks. This breakdown would push Litecoin price down to $155, a 15% move.
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
Editors’ Picks
Google, Apple could remove Binance from their app store on Philippines SEC request
The Philippines SEC has requested Google and Apple to remove applications controlled by Binance from their App stores. The exchange’s Philippines-based users are finding the exchange inaccessible to remove their funds.
XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations
Ripple filed its response to the SEC lawsuit on Monday, arguing that XRP institutional sales before and after the court ruling show no disregard for the law. The firm asks for a civil penalty of no more than $10 million against the $2 billion requested by the SEC.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?