An analyst pointed out how Litecoin slipped under a recent parallel channel and could be set to see a transfer to this price level.
Litecoin break under the support of the parallel channel
In new mail In X, analyst Ali Martinez discussed a parallel channel for Litecoin. The “parallel channel” indicates a pattern of technical analysis (TA), which is formed when the original price is combined between the parallel trend lines.
There are three types of parallel channels, but in the context of the current topic, the channel is parallel to the important time axis. In this style, the trend lines follow the successive highlands and almost equal declines. That is, the original is perfectly combined when it is inside the channel.
The upper line of the parallel canal is likely to be a source of resistance to the price in the future, which means that it can occur peaks there. Likewise, the bottom level can be the place where the bottoms occur.
If the original is able to overcome any of these barriers, it may continue to see a continuation of the direction in this direction. That is, escaping over the channel can be a bullish sign, while falling under it may be a drop.
As we mentioned before, there are other types of parallel channels as well. They are upward and curved versions. These happen when the trend lines are slope to them. That is, when the price uniformity occurs towards the net difficulty or the downside. Of course, the rising canal is formed when the slope is positive and waived when it is negative.
Until recently, the daily price of Litecoin is likely to be traded within a parallel channel. Here is the graph that the analyst shares, which shows this style of the encrypted currency:
From the graph, it is clear that the last decoinal procedure in Litecoin means that its price has decreased under the parallel canal. If this pattern continues, this penetration means a downward result of the original.
In general, the moves arising from a parallel channel are the same as the height of the same style. Accordingly, the analyst set a target for LTC. Martinez notes: “The exit from this channel increases the transfer of the price to $ 70,” Martinez notes.
Since the decline below the lower direction line of the pattern, Litecoin has been moving down. It remains only to see, though, whether the decline will extend to this targeted price or not.
LTC price
Litecoin has suffered a decrease of approximately 6 % in the past 24 hours, which has wiped out the previous recovery and reduced its price to $ 88.
