Litecoin Falls Below Parallel Channel as Analyst Sets Target at $70
Litecoin Analysis
Litecoin has recently broken below a parallel channel, indicating potential bearish movement. Key points include:
- The parallel channel is a technical analysis pattern where price consolidates between two trendlines.
- The upper line typically acts as resistance, while the lower line serves as support.
- A breakout above the channel signals bullish movement, while a drop below indicates bearish trends.
- Analyst Ali Martinez forecasts that if Litecoin continues to decline, it could reach a target price of $70.
- In the last 24 hours, Litecoin's price has decreased by nearly 6%, currently sitting at $88.
