LTC resumes uptrend to $200 after small hiccup

February 5, 2021 Editor Litecoin 0

  • Litecoin price had a significant breakout from a descending triangle pattern.
  • The digital asset re-tested the previous resistance level and has resumed its uptrend towards $200.
  • LTC faces practically no barriers on the way up as bulls hold all the momentum.

Litecoin had a major breakout from a descending triangle pattern on the 4-hour chart with a price target of $185. After a small drop towards the previous resistance trendline, LTC bulls quickly bought the dip and have pushed Litecoin price up to $154.

Litecoin price faces no significant barriers on the way up

The initial breakout took Litecoin price up to $158.68 and the digital asset is currently trading at $154. Climbing above $158.68 is bound to push LTC towards its initial price target of $185 and the psychological level of $200. 

LTC/USD 4-hour chart

The In/Out of the Money Around Price (IOMAP) chart shows practically no resistance above $155. The most significant resistance area is located between $170 and $175 with close to 1 million LTC in volume from 35,000 addresses.

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LTC IOMAP chart

Additionally, the number of whales holding at least 10,000 LTC coins has increased significantly over the past month from a low of 512 on December 27, 2020 to 527 currently. This metric shows that large holders have been accumulating Litecoin for the past month and continue doing so.

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LTC Holders Distribution chart

However, on the 15-minute chart, Litecoin has established a crucial support level at $153 in the short-term and it’s having a lot of trouble climbing above $156. 

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LTC/USD 15-minute chart

Another rejection from $156 would quickly push Litecoin price down to $153. Losing this critical support level will drive LTC down to $149 in the short-term.