Litecoin (LTC) price rose as high as $ 59.5 yesterday. The cryptocurrency was traded in the range of $ 56.76 to $ 59.55 throughout the day. At the time of writing the popular altcoin article, it was trading at $ 58.48 according to CoinMarketCap data.
What’s Next for Litecoin?
Trading View analyst Faibik thinks that the LTC price will be broken upwards through a decreasing parallel trading channel.
The analyst drew the parallel trading channel from May 27 to October 2020. The cryptocurrency has reached the upper limit of the trading channel, and the analyst expects the LTC price to see a rising break here. The analyst believes that the cryptocurrency price will rise towards the $ 120 level.
Another Trading View analyst Skildo thinks that the LTC USD pair will soon see an upward break from the symmetrical triangle.
According to the 4-day chart above, Litecoin still hasn’t broken off from the large symmetrical triangle model, even after the last price pump. LTC price seems to be consolidating near the upper trendline of this model, so the analyst believes the LTC price will confirm an upward breakout soon.
In addition to the up and down trend line of the trading model, the 200-Day Moving Average (MA) is in perfect harmony with the top trendline, while also acting as a general resistance. The daily time frame shows that LTC USD will have an EMA, which is a bullish sign for the price of the cryptocurrency. The analyst suggests that traders should wait for the break and then the break point should be retested.