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Technical Analysis for LTCUSD for 8th November 2022

Litecoin Falls in a Retest, LTC Finds Support at Q3 2022 Highs at $65

Past Performance of LTC

Litecoin is up 28 percent from September lows per the formation in the daily chart. Despite losses, Litecoin is encouragingly up above the critical Q3 2022 resistance levels, doubling as immediate support at $65. Ideally, every low offers opportunities for buyers to ramp up, targeting Q1 2022 lows at around $100. However, considering the sharp losses of earlier today, traders can wait for confirmation of today’s losses or rejection of lower lows.

Litecoin Technical Analysis

For a brief moment, Litecoin took charge following sharp gains last week. Notably, LTC prices shot above $65, the Q3 2022 highs, and LTC was in course of retesting Q1 2022 lows at around $100. However, with losses earlier on today in Bitcoin and the re-balancing of valuations, LTC is back around the primary support, former resistance, at $65 in a retest. At spot rates, traders can wait for a clear trend formation. Any rejection of lower lows and surge above $70 would re-ignite demand, feeding buyers who will still target $100. If not, sharp losses, continuing today’s losses, would see LTC crash to $50--or lower.

What to Expect from LTC

Following last week’s gains, Litecoin appeared to be bottoming up, months after shrinking over 85 percent from peaks. Last week's surge lifted the coin above $65, a critical resistance level. Prices are now back at the support line after losses today. On a positive note, as long as prices are above $65, the odds of LTC recovering remain high.

Resistance level to watch: $100

Support level to watch: $65

Disclaimer: Opinions expressed are not investment advice. Do your research.

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