#Litecoin Printing Higher, LTC Buyers May Reclaim $55Past Performance of Litecoin
Litecoin is overly within a bearish breakout formation, syncing with the general trend set in motion by Bitcoin. At spot rates, there is a welcomed revival. However, LTC prices remain in a trading range, bound inside a $5 range with caps at $50 on the lower end and $55 on the upper end.
#Litecoin Technical Analysis
As mentioned earlier, Litecoin is within a bearish formation, and buyers have yet to put a brake on the downtrend. Even though there are attempts, the failure of LTC prices to break above the $5 consolidation above $55, or even $65—marking September 2022 highs, place bears on the upper hand. Nonetheless, Litecoin remains within a broader uptrend. Yesterday's bounce from around $50 flashes with the 61.8 percent Fibonacci retracement level. A build-up from October 3 gains, lifting LTC above $55 may be the anchor for the next leg towards $65. On the flip side, losses below $50 cancel this bullish preview, possibly leading to a sell-off towards $45.
What to Expect from #LTC?
Litecoin is within a bearish formation, consolidating at spot rates. However, the trend could change if LTC expands above $55, building on yesterday's gains. Triggers may include a recovery in the broader crypto markets, especially BTC.
Resistance level to watch out for: $55
Support level to watch out for: $45
Disclaimer: Opinions expressed are not investment advice. Do your research.
