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- On September 5 Litecoin price set up a swing high at $232.
- Around 132,000 addresses that purchased 4.73 million LTC.
- Buying pressure continues the Litecoin for sure will hit its target at $300.
Litecoin’s (LTC) price is in a critical position as technical hint at a bullish outlook if Litecoin tries to hit above one particular hurdle. On-chain metrics specifies that an ascent would be an uphill battle. Crypto investors must be careful with taking on LTC.
Accordingly, on September 5 Litecoin price set up a swing high at $232 and started its 40% drop. However, this drop breached the previous downswing at $162 specifying a downswing is in play. It is clear to assume that a traders positions themselves short on the October 21 swing high at $214.
More so, if Litecoin (LTC) price stays above this critical point, it would be n indication to go long. The resistance level of Litecoin will be $210 and $232, if it hit these resistance levels the there will be a chance of hitting the next hurdle at $294. Eventually, the bullish trend continues then there might be a chance of hitting $300.
More so, nearly $200, around 132,000 addresses that purchased 4.73 million LTC are Out of the Money. Even more, a similar cluster of underwater investors bought 12.59 million LTC at an average price of $265.09. Therefore, clearing the resistance zone $232 will flip the first chunk of underwater profitability and serve as a tailwind. If this buying pressure continues the Litecoin for sure will hit its target at $300.
At the time of writing, as per CoinMarketCap, Litecoin’s (LTC) price was trading at $194 with a 24-hour trading volume of $2,099,181. In last24-hour the LTC price increased by over 2.30%. the circulating supply of LTC is 68,876,945.14 LTC. Henceforth, if the buying pressure of LTC increases we can expect LTC to hit its resistance levels and reach its target level at $300.