Litecoin Breaks Under Parallel Channel: Analyst Predicts This Target
An analyst noted how Litecoin has recently slipped down under parallel channels and could move it to this price level.
Litecoin breaks with parallel channel support
In the new postal On X, analyst Ali Martinez discusses Litecoin’s parallel channels. this”Parallel channel” refers to the pattern of technical analysis (TA) formed when the price of assets is merged between two parallel trend lines.
There are three types of parallel channels, but in the context of the current topic, the one that is parallel to the timeline is of interest. In this mode, the trend line tracks approximately equal continuous highs and lows. That is, when inside the channel, the assets will be completely merged.
The uplink of parallel channels may be a source of resistance for future prices, meaning that the top may appear there. Likewise, the lower layer can be where the bottom occurs.
However, if the asset manages to get rid of both obstacles, it may continue to see the trend in that direction continues. That is, an escape above the channel may be a bullish signal, while a drop below may be a bearish signal.
As mentioned earlier, there are other types of parallel channels. Right now, rise and decline Version. These happen when the trend lines tilt towards them. That is, when the merger of prices occurs on a net upward or downward. Naturally, when the slope is positive, ascending channels will form, and when the slope is negative, it will form when it rises to the slope.
Until recently, Litecoin’s daily price could be traded within parallel channels. Here is a chart shared by analysts showing this pattern of cryptocurrencies:
As can be seen from the chart, the recent bearish action in Litecoin means its price has fallen under the parallel channel. If the model holds, then this breakthrough will mean a bearish outcome for the asset.
Typically, the movement that occurs from the parallel channel is the same height as the pattern itself. Based on this, analysts provide targets for LTC. “Exiting this channel will increase the price to $70,” Martinez noted.
Litecoin has been declining due to a lower trend line. However, whether the decline will be extended to that price target remains to be seen.
LTC price
Litecoin has suffered a nearly 6% rate in the past 24 hours, which has lowered the earlier recovery rate and reduced its price to $88.
