Technical Analysis for LTCUSD for 24th June 2022
Litecoin Gains 35% from 2022 Lows; LTC Completes Retest at $55
Past Performance of LTC
Litecoin prices are stable at spot rates, as per the performance in the daily chart. After deep losses, which saw LTC slump 70 percent from April 2022 highs, LTC is floating higher at spot rates. However, there has been no solid confirmation of recent gains, with bulls finding caps at the middle BB and $55.
Litecoin Technical Analysis
Litecoin is steady in the past trading day. While buyers stand a chance, prices have resistance at $55 and the middle BB. Notably, the $55 liquidation level marks May 2022 lows. Therefore, LTC bulls must close above this line for a solid follow-through of June 19 price gains. If not, LTC recoiling from spot rates, below June 19 lows at $45, will complete a retest in a valid bear breakout formation of June 11. In that case, LTC may slump back to $40 in a bear continuation pattern, dashing hopes. Considering this, LTC traders can wait for a clear breakout above $55 or rejection for immediate trend trajectory definition.
What to Expect from LTC
Litecoin bulls are upbeat, considering the state of prices in the daily chart. Still, there should be a solid confirmation of June 19 gains for the uptrend to be valid.
Resistance level to watch: $55
Support level to watch: $45
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