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- Litecoin’s price was on the verge of reaching a new 2020 high in the past 24 hours.
- It appears that most of the price action is coming from large investors.
Litecoin appears to have exited an ascending triangle on the 3-day chart with a goal of reaching $ 300 in the long term. Several metrics on the chain indicate that large investors are currently determining the price.
Litecoin makes $ 300 as several metrics become extremely bullish
On the 3-day chart, the breakout above the ascending triangle pattern is an extremely bullish sign and has a potential price target of $ 300, a 248% price increase derived from the height of the model.
LTC / USD 3-day chart
Additionally, the number of whales holding between 1,000,000 and 10,000,000 coins ($ 89,000,000 and $ 890,000,000) appears to have increased by two in the past week. While this may seem like a limited number of investors, the amount of money is considerably large.
Litecoin holders distribution chart
The continuing increase in the number of large LTC transactions seems to corroborate this theory that large investors are the ones driving Litecoin’s price which remains considerably stronger than many other altcoins.
Large LTC Transaction Chart
The In / Out of the Money Around Price chart only shows a significant resistance area between $ 94 and $ 97, where 15,240 addresses bought about 1.93 million LTC. On the other hand, the chart shows a lot of bearish support.
IOMAP LTC chart
It appears that rising above $ 97 would be the final confirmation of the breakout above the ascending triangle on the daily chart.
On the other hand, a rejection from the pattern’s upper trendline at $ 84 would be a notable bearish indicator capable of pushing Litecoin’s price to the lower bound at around $ 55. Failure from this point could be devastating.
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