- Litecoin worth fashioned a ‘W’ sample, also referred to as a double backside on the 12-hour chart.
- A number of on-chain metrics give LTC the higher hand as there may be weak resistance on the way in which up.
- LTC should conquer a key resistance degree for a possible breakout in the direction of $300.
Litecoin (LTC) has been buying and selling in a 12-hour uptrend since March 25 however suffered a 12% correction up to now 24 hours as the complete crypto market plummeted. The digital asset is poised for one more leg up in line with a number of indicators and on-chain metrics.
Litecoin worth is one barrier away from $300
On the 12-hour chart, Litecoin varieties a double backside sample and shows the uptrend starting on April 5 the place worth practically reaches the earlier excessive at first of the sample. Probably the most important resistance barrier is fashioned at $246.75.
LTC/USD 12-hour chart
The In/Out of the Cash Round Worth (IOMAP) chart signifies that the vary between $226 and $232 is the strongest resistance space the place 84,100 addresses bought over 4.2 million LTC cash.
LTC IOMAP chart
Passing by this degree ought to shortly drive Litecoin worth in the direction of $246.75. A breakout above this level provides us a goal of over $300 calculated utilizing the peak from the double backside to the higher trendline resistance.
LTC Holders Distribution
Moreover, the variety of whales holding between 100,000 and 1,000,000 LTC has been rising by six for the previous two months which reveals that giant holders proceed to build up the digital asset.
To invalidate the bullish outlook, bears should push Litecoin under $200 which is a psychological degree and coincides with the 100-SMA and the 50-SMA help factors. This breakdown can drive Litecoin worth in the direction of the low finish of $170.