fxstreet.com 09 Feb, 2021 05:45 am

LTC faces one significant resistance before ultimate push to $200

Litecoin price had a significant 7% surge in the past several hours thanks to Bitcoin’s new all-time high at $45,000 after Tesla announced the purchas

Litecoin price is trading inside a descending triangle pattern on the 12-hour chart.Litecoin price had a significant 7% surge in the past several hours thanks to Bitcoin’s new all-time high at $45,000 after Tesla announced the purchase of $1.Litecoin price can jump to $200 if this level drops On the 12-hour chart, Litecoin has established a descending triangle pattern with a resistance level located at $160.Breaking above this point will drive Litecoin price above $200 to a price target of around $208.

Validation of this call could push Litecoin price down towards $153 where both the 50-SMA and the 100-SMA converge.LTC Holders Distribution chart Unfortunately, it seems that the number of whales holding between 100,000 and 1,000,000 LTC ($16,000,000 and $160,000,000) has significantly declined in the past week from a peak of 116 on January 31 to 111 currently which indicates large holders have been selling and taking profits.

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LTC faces one significant resistance before ultimate push to $200

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