Last week, Litecoin price, reaching its maximum in the past three months, hit $191.56 mark. However, its rally stopped and the price turned south, though it did not reach the critical lows, Today the price has slightly increased and is currently trading at around $172. We see that the price gradually went into a sideways channel and it has been trading within it for almost three weeks, which also means a breakout will soon occur.

Over the past 6 weeks, LTC price increased by 85%, while Bitcoin increased by 72%. If Bitcoin needs to increase another 21% to reach its maximum $64,000, then Litecoin has to overcome another 54% of its maximum $412. This means that, despite the slowdown in the increasing pace, its rally is still ahead.

Technical Analysis

The weekly price chart shows that the MACD histogram has already come close to the zone with a plus sign, and although it is impossible to say for sure whether the histogram will continue to grow in the positive zone or start lengthening in the zone with a minus sign, there is a high probability that the LTC/USDT is approaching an upward breakout. The signal line of the RSI indicator, which was below 50% for a long time, crossed this border from the bottom to the top, which also indicates a possible resumption of the Bullish trend.

On the daily price chart, the RSI indicator is in a slightly different position, although its signal line is also around 50%, it is still moving south.

But, the MACD histogram, being in the zone below zero, doesn't show much potential of decline, which means that after pushing off from the lower border of the side channel, LTC price is likely to move upward where it is possible to reach new weekly peaks. The next nearest target of the LTC/USDT may be near the $210 mark.