Technical Analysis for LTCUSD for 2nd February 2023
Litecoin Rips Higher, Posting 2X from November; LTC Bulls Target $120
Past Performance of LTC
Litecoin is trading at Q1 203 highs when writing, looking at the performance in the daily chart. The coin has reversed losses of early this week, and buyers are in sync with gains of the better part of the second half of January. Per the current candlestick arrangement, primary support lies at around $90.
Litecoin Technical Analysis
LTC is up by more than 100% at spot rates, trading in a bullish formation. The rejection of lower prices supports buyers who can look to double down on dips above $90, the primary support. At this pace, every low may be a loading opportunity for aggressive traders angling for $120 in the near term. Note that the February 1 bar has high trading volumes, which is overly bullish.
What to Expect from LTC
Buyers are confident, and the immediate trend has been established following gains in February. LTC looks likely to extend gains as it bottoms up from last year's lows. This preview is valid in the short term as long as the coin trades above $90.
Resistance level to watch: $120
Support level to watch: $90
Disclaimer: Opinions expressed are not investment advice. Do your research.
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