LTC’s Price Has Broken Out of a 2-Month Consolidation Channel

LTC’s Price Has Broken Out of a 2-Month Consolidation Channel

The last 24 hours has seen almost all of the prices in the crypto market print gains following a recovery attempt after the news of Genesis filing for bankruptcy sent shockwaves in the already-cripple crypto market.

One crypto that experienced a 24-hour gain is Litecoin (LTC), according to CoinMarketCap. At press time, LTC’s price is up 8.71% and is trading at $90.55. LTC’s price has also strengthened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 0.58% and 1.49% respectively.

Monthly chart for LTC/USDT (Source: CoinMarketCap)

LTC’s price has gradually printed higher lows on its monthly chart, and has broken out of the parallel price channel between $63.00 and $79.81, which has stood for the last 2 months.

The monthly RSI indicator is also flagging bullish after the monthly RSI line crossed above the monthly RSI SMA line. In addition to this, the monthly RSI line is sloped positively towards overbought territory.

Rekt Capital tweeted yesterday that LTC’s price breaking out of the monthly price channel is confirmation that LTC’s price will continue printing gains in the coming weeks.

Investors and traders will need to take note of the fact that LTC’s price is now trading near the 20-month EMA line. This will be the next significant resistance level that LTC will have to overcome before its price will rally to $126.88.

If LTC’s price fails to break above the 20-month EMA line in its current attempt to break the level then it will drop back into the price channel between $63.00 and $79.81 and will search for some support at the lower bound of the price channel.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Original Source : coinedition.com

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