Technical Analysis for LTCUSD for 23rd November 2022
Litecoin Surges 68% from 2022 Lows; LTC Targets $100
Past Performance of LTC
On November 22, Litecoin surged 22 percent, reversing losses of November 8 and 9 and swinging price action in favor of buyers. At spot rates, LTC bulls are building on yesterday’s impressive gains, surging 68 percent from November 2022 lows as the coin erupts to post new Q4 2022 highs.
Litecoin Technical Analysis
In the daily chart, LTC is within a bullish breakout formation above $73 and November 2022 highs. As it is, buyers are back in contention. Subsequently, every low can offer entry for buyers to double down, expecting gains toward $100,which coincides with Q1 2022 lows. Presently, the spike in trading volumes and trade range is refreshing for LTC that appears to be bottoming up after 12 months of momentum-breaking lower lows.
What to Expect from LTC
Buyers are confident as LTC gains lead the market recovery. Technically, the bullish engulfing bar of November 22 is shaping the short to medium-term trajectory. With prices decisively breaking out above November high, LTC may surge to Q1 2022 territory.
Resistance level to watch: $100
Support level to watch: $73
Disclaimer: Opinions expressed are not investment advice. Do your research.
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