Litecoin price update: LTC/USD channel breakout impends

• The bullish candlestick testing the immediate resistance at $58.00 could soon brush shoulders with the critical $60.00.
• Failure to break out above the $60.00 hurdle could result in traders’ exhaustion.

LTC/USD is currently on the verge of another breakout that could place it on a path to $70. Meanwhile, the crypto is trending inside the ascending channel immediately supported by the 50 SMA 4-hour. LTC/USD is exchanging hands at $57.09 after correcting from the intraday low at $52.50.

The bullish candlestick testing the immediate resistance at $58.00 could soon brush shoulders with the critical $60.00. According to the applied technical indicators, LTC/USD is prime for gains. For instance, the RSI at 58.97 has recovered from the lows at 38.46. The indicator has avoided the oversold region since the beginning of February. This shows that the steady bullish trend is likely to continue.

However, for traders’ confidence to grow, Litecoin must break above $60.00 as earlier mentioned. This will ignite more gains towards $70.00. Failure to break out above the $60.00 hurdle could result in traders getting exhausted; a situation that will convince them to sell. Therefore, creating more supply than demand. Litecoin price will drop to the region below $50 and even test $40.00 in order to create more demand before we can see a significant reversal.

LTC/USD 4-hour chart