Litecoin price broke out a symmetrical triangle pattern’s upper trend line confirming a 38% bull rally. The SuperTrend indicator’s buy signal and transactional data provide a tailwind to this bullish outlook. Slicing through the MRI’s breakout line at $177.30 could kickstart a new downtrend. The Litecoin price hints at a massive bull rally as it shattered the upper trend line of a technical pattern. Litecoin price eyes a higher high On the 12-hour chart, the Litecoin price is trading at $220.98 after breaking out of a symmetrical triangle pattern. This technical formation is a result of lower highs and higher lows connected using trend lines. As LTC progresses through the setup, its price gets squeezed until a violent breakout occurs in either direction. The symmetrical triangle’s 38% target is determined by adding the distance between the pivot high and low to the breakout point at $214.87. This move places the Litecoin price at $297.17. The recent 8% surge seen on April 5 resulted in a breakout and triggered the SuperTrend indicator’s buy signal. Hence, a continuation of this bullish momentum shows the promise of a 38% upswing. LTC/USDT 12-hour chart IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model adds credence to the bullish thesis due to the lack of resistance barriers. This metric reveals 30,000 addresses that purchased 1.86 million LTC at an average price of $230.50 are “Out of the Money” and will deter any upside moves. Hence, overcoming this supply barrier will provide bulls with a clear path toward the intended target at $297.17. Litecoin IOMAP chart Additionally, the daily active addresses metric shows a 31% increase in the last 24 hours, with nearly 60,000 new market participants joining the Litecoin network. This addition represents an interest among investors who believe in the bullish potential of LTC. Litecoin daily active addresses chart Santiment’s 30-day MVRV model for Litecoin shows a slight 9.5% bump. This increase reveals that only a small number of investors are in profit, so a sell-off scenario is unlikely. All in all, this metric suggests the Litecoin price has more room to grow. Litecoin MVRV 30-day chart While things seem to be looking up for the Litecoin price, investors need to be aware of the $197 demand barrier. If sellers manage to shatter this level, it will add to bearish momentum as it pushes investors in this zone to be unprofitable. Invalidation of the bullish thesis will occur if sustained price action occurs below this level. In such a scenario, the LTC price could slide toward the immediate demand barrier near the lower trend line at $177.30. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next PBOC reportedly asks banks to curtail credit for rest of year – Bloomberg FX Street 10 months Litecoin price broke out a symmetrical triangle pattern's upper trend line confirming a 38% bull rally. The SuperTrend indicator's buy signal and transactional data provide a tailwind to this bullish outlook. Slicing through the MRI's breakout line at $177.30 could kickstart a new downtrend. The Litecoin price hints at a massive bull rally as it shattered the upper trend line of a technical pattern. Litecoin price eyes a higher high On the 12-hour chart, the Litecoin price is trading at $220.98 after breaking out of a symmetrical triangle pattern. This technical formation is a result of lower highs and higher… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.