Technical Analysis for LTCUSD for 28th October 2022
Litecoin Firm, LTC Bulls Expect a 20% Rally to $65
Past Performance of LTC
Litecoin prices are tethered around October 2022 highs at around $55, reading from the formation in the daily chart. Even though buyers appear to be in charge, there must be a sharp continuation in confirmation of mid-week gains for bulls to be in complete control. The upside is shaky, but a follow-through of October 24 gains may re-instill confidence in traders, pumping prices toward September highs.
Litecoin Technical Analysis
Buyers are upbeat, but the positive correlation between LTC and BTC has yielded little. If anything, LTC prices are lagging and underperforming the Bitcoin markets. Nonetheless, traders are bullish, especially if LTC pulls above $55, trading higher in continuation of early this week's gains. Notably, a W-formation is clear in the daily chart, and prices are bound in the last leg up, aligned along the upper BB. Because prices are still within the October 25 bar, traders can look to buy the dips above the middle BB and $52, setting sights at $65.
What to Expect from LTC
Risk-off traders may look to double down on every retracement within the October 25 bar, reading from the daily chart formation. Ideally, if buyers come on top, the coin may surge 18 percent to $65. However, this forecast will tumble on optimists if LTC crumbles from spot rates, forcing LTC below the middle BB.
Resistance level to watch: $65
Support level to watch: $52
Disclaimer: Opinions expressed are not investment advice. Do your research.
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