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This altcoin could increase 100% in the near future

The price of LTO Network (LTO) is breaking above a long-term resistance area. If successful, a strong rally may follow.

Weekly Outlook

The price of LTO Network (LTO) has been rising since hitting a yearly low of $0.053 in early October 2023. This rally has helped the price reclaim the support area at $0.064, indicating that the previous breakdown was just a deviation (red ellipse). Such deviations are often followed by a strong price surge.

Indeed, the price has been rising rapidly since then and is currently in the process of breaking above the long-term resistance area at $0.14.

The weekly RSI indicator has risen into the overbought zone and is sloping upward, supporting the breakout potential.

If the breakout occurs, the price of LTO could rise by 102.88% to the next significant resistance area at $0.3.

LTO/USDT weekly chart. Source: TradingView

Breaking Important Resistance

The daily chart shows that the price of LTO has broken above the horizontal resistance area at $0.14 yesterday. The breakout has formed a large bullish candle with high trading volume, confirming the validity of the breakout.

The daily RSI indicator has generated hidden bullish divergence (green line) and is above 50, indicating that the bulls are in control of the market.

Therefore, the price of LTO could rise to the next horizontal resistance area at $0.22 in the coming days.

LTO/USDT daily chart. Source: TradingView

Conclusion

The most likely scenario suggests that the price of LTO will break above the $0.14 area on the weekly timeframe and moving higher. The nearest target is found at $0.22 and higher towards $0.3.

Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.

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