The central theses
- After a month of stagnation, Litecoin appears ready to resume its uptrend.
- The breakout of a consolidation pattern suggests that LTC could rise to $ 290.
- Speculation about Coinbase’s upcoming listing appears to be influencing the price development of this cryptocurrency.
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Litecoin’s lackluster price action may be over for good. LTC eventually broke a critical level of resistance at which market value was able to rise nearly 40%.
Litecoin Piggybacks Coinbase IPO Listing
Litecoin lagged behind Ethereum and some of the major cryptocurrencies in terms of market capitalization. While the smart contracts giant has posted a return of nearly 190% since the start of the year, LTC has only grown 85% since early 2021.
Different from the one ahead Mimblewimble expansion blocks (MWEB) Feature: The lack of significant developments affected the ability of this altcoin to go higher. Still, it has benefited from a rising crypto tide that has propelled many coins to higher heights.
Litecoin recently benefited from the upward momentum of the upcoming Coinbase listing generated. Its price cut the upper trendline of a symmetrical triangle that it had consolidated into over the past month.
Now LTC appears poised to climb more than 38% to a new year high of over $ 290. This target is determined by measuring the height of the triangle’s y-axis and adding that distance to the breakout point.
IntoTheBlock’s IOMAP (In / Out of the Money Around Price) model shows that there is only one supply barrier ahead of us that could prevent Litecoin from reaching the triangle’s goal. Based on this on-chain metric, more than 36,000 addresses had previously purchased approximately 2 million LTC between $ 226 and $ 232.60.
Such a significant area of interest rates could absorb some of the upward pressure seen recently as holders within that price range would likely seek to offset their underwater positions. As such, only a crucial 12-hour candlestick above $ 232.60 could confirm the bullish outlook.
Failure to claim this price hurdle as a support may correct the upper trendline of the symmetrical triangle at $ 212 or the support at $ 195.50. Here the IOMAP cohorts show that almost 180,000 addresses contain more than 3.80 million LTC.
Disclosure: At the time of going to press, the author was holding Ethereum and Bitcoin.
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