The upper channel line was drawn to touch previous highs (at least two) and a parallel line was then drawn across price lows (also at least two since a valid requires two points of contact).
A breakout above the upper line of the channel could the see price of Litecoin reach a target of ~ $220.67. This is calculated by vertically projecting the width of the channel onto the break out point. I used $120.29 as the bottom of the channel and $170.48 as the top of the channel here. Therefore $170.48 - $120.29 = $50.19. Adding this to the too ($170.48) gives $220.67.
Failure to close above the channel could see Litecoin return to the bottom of the channel at ~$120.29