Identifying the scale of Litecoin’s latest upside and what’s next for LTC

• Litecoin, at press time, was testing key resistance ranges, with a possible breakout in direction of $170 if it holds
• On-chain alerts and MVRV ratio hinted at sustained progress, supported by rising market sentiment

Litecoin [LTC] recorded a exceptional surge in February, gaining by +25% towards Bitcoin and exhibiting some robust bullish sentiment. At press time, Litecoin was buying and selling at $127.08, following a strong 8.14% hike over the past 24 hours alone. 

The crypto’s spectacular worth motion coincided with a surge in lively addresses too, with the identical climbing to over 445k for the primary time since early February.

Technical evaluation – What’s subsequent after a breakout?

An evaluation of Litecoin’s worth motion instructed that the cryptocurrency was buying and selling inside a consolidation zone. The higher resistance was marked at $137.83, whereas the decrease help degree sat at $114.33.

At press time, the altcoin gave the impression to be edging nearer to the resistance zone. If Litecoin manages to interrupt above $137.83, it may set off a rally in direction of $170. 

Nevertheless, if the worth fails to surpass this resistance, it might retreat again into the consolidation vary, testing the help degree at $114.33 and even the decrease $98.18-level. Subsequently, the crypto’s subsequent main transfer will rely upon its capacity to interrupt by the resistance and maintain above these vital ranges.

Supply: TradingView

On-chain alerts – Are buyers nonetheless bullish on Litecoin?

On-chain metrics for Litecoin supported this bullish thesis, indicating rising market demand. For instance – The Internet Community Development metric elevated by 0.34%, highlighting extra new addresses becoming a member of the community. 

Moreover, giant transactions rose by 1.73%, signaling larger curiosity from institutional gamers or high-net-worth people. The focus of LTC in a number of addresses low to has remained low too, which is a optimistic sign for worth progress.

Subsequently, these on-chain indicators, collectively, instructed that demand for LTC stays robust.

Supply: IntoTheBlock

MVRV ratio – How way more room for progress does LTC have?

The MVRV (Market Worth to Realized Worth) ratio has been steadily rising too, with the identical at the moment at 0.669. This regular hike meant that LTC’s market worth was nonetheless comparatively low, in comparison with its true worth – An indication that the cryptocurrency may have extra room to develop. 

A rising MVRV ratio is a bullish sign, particularly when mixed with optimistic on-chain information. Subsequently, buyers may count on the worth to proceed appreciating so long as this development persists.

Supply: Santiment

Is Litecoin’s market optimism right here to remain?

Lastly, the weighted sentiment round Litecoin has additionally been enhancing. At press time, the sentiment had reached 1.60, up from earlier months. This hike in sentiment mirrored rising optimism available in the market, which may encourage additional shopping for exercise. 

Moreover, this shift in sentiment gave the impression to be consistent with the uptick in LTC’s worth and rising handle exercise. 

Supply: Santiment

Can Litecoin keep its bullish development?

Given the present technical setup, on-chain alerts, and growing market sentiment, Litecoin could also be poised for sustained progress. The rising MVRV ratio, enhancing sentiment, and robust on-chain metrics supported a optimistic outlook. 

Nevertheless, LTC should break by the resistance zone at $137.83 to verify the uptrend and keep away from a possible pullback.

Conclusively, if Litecoin manages to interrupt these resistance ranges, the bullish development is prone to proceed, presumably reaching the $170-mark.