Litecoin (LTC) breaks through the bullish pattern, heading towards the $170 mark.

The price of Litecoin (LTC) is showing new breakout strength, breaking out of the ascending channel pattern and maintaining trading above the 133 USD threshold at the time of writing on Wednesday.

This development is often a signal for a strong acceleration cycle, fueled by the increase of open contracts (OI) and continuously peaking hashrate, opening up prospects for conquering the milestone of 170 USD in the near future.

Open contracts of Litecoin reached a record 1.27 billion USD

According to data from CoinGlass, the open interest volume of Litecoin futures contracts on exchanges has hit a new record, reaching 1.2 billion USD on Wednesday, a significant increase from 832 million USD earlier in August. This breakout reflects the continuous influx of new capital into the market, accompanied by additional buy orders, thereby providing momentum for the current price increase of LTC.

Litecoin Open Contract Chart | Source: CoinGlassMeanwhile, the hashrate of Litecoin has also maintained a stable upward trend, as shown in the chart with a significant increase in mining power and network security since its launch. This is an important factor that helps strengthen investor confidence in the LTC ecosystem.

The hashrate of Litecoin | Source: CoinGlassCompleting this optimistic picture is the dominance of bullish bets. The Long/Short ratio of LTC, according to data from CoinGlass, has reached 1.08 – the highest level in over a month.

Long/Short ratio Litecoin | Source: CoinGlass## Litecoin price forecast: Bulls target the 170 USD mark

The price of Litecoin concluded Tuesday's trading session with a spectacular breakout from the ascending parallel channel pattern, formed since mid-March by connecting the peaks and troughs with two trend lines. Typically, breaking out of this pattern provides a clear advantage for the bulls, with a technical target estimated by the height of the channel from the breakout point. As of Wednesday, LTC continues to trade at a high above 133 USD.

If the current upward momentum is maintained, Litecoin could completely expand its bullish wave towards the technical target of 170.30 USD. However, the peak on December 5 at 147.06 USD may act as a "wall" of resistance, where many traders consider taking profits.

Daily LTC/USDT Chart | Source: TradingViewOn the daily chart, the Relative Strength Index (RSI) has reached the 70 level and continues to rise, approaching the overbought zone, reflecting a very strong bullish momentum. At the same time, the MACD indicator recorded a bullish crossover signal on August 5, while the green histogram extended further, reinforcing the scenario of prices continuing to climb.

On the contrary, in the case of LTC adjusting, the important support threshold to watch will be at the upper boundary of the trend channel, around the mark of 125 USD.

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