Litecoin price is breaking out to new yearly highs

  • Litecoin price broke out of an ascending triangle pattern on the 4-hour chart.
  • LTC faces only one significant resistance area on the way up.
  • Litecoin bulls are eying up a price target of $265 in the long-term. 

Litecoin has been trading in an uptrend for the past two weeks and has finally broken out of a key pattern on the 4-hour chart. LTC bulls face weak resistance ahead of a new 2021-high above $250.

Litecoin price on its way to new 2021 highs

On the 4-hour chart, Litecoin has broken out of an ascending triangle pattern which has a long-term price target of $265, a 27% move calculated using the height of the pattern as a reference point. 

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LTC/USD 4-hour chart

The In/Out of the Money Around Price (IOMAP) chart seems to add credence to this outlook as it shows only one crucial resistance area between $227 and $233, where 42,000 addresses produced 2.24 million LTC of volume. However, above this point, there are barely any other barriers. 

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LTC IOMAP chart

Similarly, the MVRV (30d) was in the buy zone for the past week and remains quite low, which indicates that Litecoin has a lot of room to rise in the short to mid-terms. 

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LTC MVRV (30d)

Nonetheless, Litecoin must hold the previous resistance trendline of the ascending triangle at $208. If the bears can crack this key level, they will invalidate the bullish outlook and push Litecoin price down to at least $198 in the short-term.