Litecoin Price Prediction: LTC targets new yearly highs at $320

Litecoin price breakout from bull flag on the 12-hour chart
The digital asset faces no significant resistance ahead, according to on-chain metrics.
The cryptocurrency market turns extremely bullish again ahead of Coinbase IPO.

Litecoin (LTC) price has been trading inside a robust uptrend since March 25 and just hit a new 2020-high at $270. On-chain metrics show practically no resistance ahead as the digital asset targets $320.

Litecoin price breaks out of key pattern

On the 12-hour chart, Litecoin broke out from a bull flag with our price target of $320. This target is calculated using the height of the pole as a reference point. On April 5, Litecoin cracked the upper resistance trendline of the flag and had a significant continuation.

LTC/USD 12-hour chart

The In/Out of the Money Around Price (IOMAP) chart shows basically no significant resistance ahead. The most important area is located between $300 and $308, where 16,700 addresses purchased over 200,000 LTC.

LTC IOMAP chart

However, there is also weak support from the current price of $268 down to $251, which means LTC could see a correction before the next leg up. In the past week, the number of whales has decreased notably.

LTC Holders Distribution

Since April 6, the number of whales holding between 100,000 and 1,000,000 LTC decreased from 118 down to 112, which means large holders are taking profits.

Share: Cryptos feed

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.