Litecoin price is breaking out to new yearly highs
|- Litecoin price broke out of an ascending triangle pattern on the 4-hour chart.
- LTC faces only one significant resistance area on the way up.
- Litecoin bulls are eying up a price target of $265 in the long-term.
Litecoin has been trading in an uptrend for the past two weeks and has finally broken out of a key pattern on the 4-hour chart. LTC bulls face weak resistance ahead of a new 2021-high above $250.
Litecoin price on its way to new 2021 highs
On the 4-hour chart, Litecoin has broken out of an ascending triangle pattern which has a long-term price target of $265, a 27% move calculated using the height of the pattern as a reference point.
LTC/USD 4-hour chart
The In/Out of the Money Around Price (IOMAP) chart seems to add credence to this outlook as it shows only one crucial resistance area between $227 and $233, where 42,000 addresses produced 2.24 million LTC of volume. However, above this point, there are barely any other barriers.
LTC IOMAP chart
Similarly, the MVRV (30d) was in the buy zone for the past week and remains quite low, which indicates that Litecoin has a lot of room to rise in the short to mid-terms.
LTC MVRV (30d)
Nonetheless, Litecoin must hold the previous resistance trendline of the ascending triangle at $208. If the bears can crack this key level, they will invalidate the bullish outlook and push Litecoin price down to at least $198 in the short-term.
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.