Litecoin Price Prediction: LTC targets $220 amid growing buying pressure
- Litecoin price is bounded inside a symmetrical triangle pattern.
- New LTC whales have joined the network increasing buying pressure.
- The digital asset is on the verge of a potential 17% breakout towards $220.
Litecoin has been trading inside a tightening range in the past week and whales have continued to accumulate significant sums of LTC. The digital asset is primed for a breakout towards $200.
Litecoin price is on the verge of a 17% move to the upside
Litecoin price is contained inside a symmetrical triangle pattern on the 12-hour chart. Bulls need to defend the key support trendline at $181 to see a rebound towards the upper boundary of the pattern.
LTC/USD 12-hour chart
A breakout above $191 will quickly drive Litecoin price towards $223. A breakout seems more likely due to the significant increase of whales. One new large holder with 1,000,000 to 10,000,000 LTC has joined the network in the past two days.
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LTC Holders Distribution chart
Similarly, the number of whales holding between 100,000 and 1,000,000 LTC has also increased from 112 on February 15 to 116 currently. The In/Out of the Money Around Price (IOMAP) chart shows only one crucial resistance area.
LTC IOMAP chart
The range between $183 and $189 will be the most important level to crack for the bulls, but there is a lot of support on the way down until $172. Nonetheless, a breakdown below the lower boundary of the symmetrical triangle at $180 will push Litecoin down by 17% to $150.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
