Litecoin (LTC) Might Hit $300 If Bulls Overpower This Obstacle

Briefly –

• LTC consolidates under a critical demand territory in the $210 – $232 range.
• A significant-close beyond this barrier will trigger upward actions, taking Litecoin to $300.
• However, on-chain metrics show massive hurdles for the alt.

Litecoin trades in a tight area as technicals reveal a bullish picture if LTC closes beyond one specific obstacle. Meanwhile, on-chain metrics hint at multiple obstacles before the anticipated ascent. With that, cryptocurrency enthusiasts should be careful when interacting with LTC.

LTC in a Vague Condition

Litecoin recorded a swing peak of $232 on 5 September before witnessing a 40% drop. The sloping trend breached the past swing low of $162, confirming downtrends. That way, we can presume that multiple traders went short on 21 October surge at $214.

These positions have their stop losses beyond the supply area at $210 – $232. A significant-close past $232 will have most short investors experiencing a challenging case, forcing them to purchase their positions again at higher prices.

If LTC maintains past this barrier, it will present the opportunity to long. Meanwhile, a considerable $210 – $232 demand zone retest might take LTC towards its other obstacle at $294. Impressive actions at this level will see the alternative coin touching the psychological point at $300. That constitutes a 55% surge from the coin’s current price level.

The 365- and 30-day MVRV model supports this bullish picture. The on-chain metric determines the average loss/profit by investors that bought the alt in the last month or year. Both MVRV remain in safe territory. That confirms sell-offs by holders might be impossible since they didn’t enjoy profits.

Though the MVRV chart supports uptrends, the IOMAP model indicates many resistances for upsurges. At around $200, almost 132,000 wallets that bought 4.73 million Litecoins remain out of money. Meanwhile, overpowering $232 will propel the alt to new highs. Persisting buying pressure will have Litecoin rising above $265 before the projected value at $300.

Meanwhile, failure to overcome $200 might see bears knocking LTC to the support floor at $162. If the alt dips under $135, Litecoin will cancel the bullish targets. Increased momentum by sellers may see LTC visiting $115.

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