Technical Analysis for LTCUSD for 6th December 2022
Litecoin in a Breakout, Rallies 67% from November Lows
Past Performance of LTC
Litecoin remains within a bullish breakout formation, doubling in the past six months. The coin is within a breakout formation at spot rates, clearing critical resistance levels. Accordingly, buyers have re-established themselves, setting the base for a possible recovery.
Litecoin Technical Analysis
At spot rates, LTC is up 67 percent from November lows, reversing losses of early November 2022. Because of this, buyers have the upper hand. Subsequently, every low above $70, flashing with November highs, presents a loading opportunity for aggressive traders. This bullish preview holds considering the failure of sellers to push back prices, reversing gains made thus far. Besides, the upside momentum has resumed after waning in late November. From this setup, LTC bulls appear to set their eyes at $100, a psychological reaction level.
What to Expect from LTC
There are fundamental factors behind the revival, a welcomed move after losses in 2022. The immediate support is at $70. If bulls sustain this level, LTC may post more upsides in the short term.
Resistance level to watch: $100
Support level to watch: $70
Disclaimer: Opinions expressed are not investment advice. Do your research.
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