LTC faces just one key resistance level before new high to $280

• Litecoin value appears to be going through only one vital resistance barrier on the way in which up.
• The digital asset seems prepared for a breakout above $230 into a brand new excessive at $280.
• Nevertheless, LTC may see a big pullback earlier than a brand new leg up.

Litecoin confronted a big sell-off previously 24 hours, like the remainder of the market. Nonetheless, bulls purchased many of the dip and intention for brand spanking new highs as they solely face one key resistance stage earlier than a large breakout. 

Litecoin value must crack $220 for a large breakout

The In/Out of the Cash Round Value (IOMAP) chart exhibits just one vital resistance space situated between $217 and $223. Round 70,000 addresses bought near 2.2 million LTC right here. 

LTC IOMAP chart

A breakout above this level can push Litecoin price as much as $280, which is the 127.2% Fibonacci stage. An extended-term value goal could be $338, the 161.8% fib stage. The variety of giant holders with 10,000 to 100,000 LTC ($2,150,000 to $21,500,000) had a large spike previously 24 hours. 

LTC Holders Distribution chart

On February 14, this quantity was solely 410 and has jumped to 421, which suggests 11 new giant holders have entered the community previously 24 hours, including numerous credence to the bullish outlook. 

LTC/USD each day chart

Nevertheless, on the each day chart, the TD Sequential indicator has introduced a inexperienced ‘8’ candlestick which is normally adopted by a promote sign. The IOMAP mannequin exhibits much less assist on the way in which down. Essentially the most essential space is situated between $179 and $185. Dropping this vary can rapidly push Litecoin price right down to $164 on the 61.8% fib stage.