22.11.202215:15 Forex Analysis & Reviews: Litecoin maintains bullish momentum

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Green lines -Fibonacci retracement

Red line -support trend line

Litecoin is trading around $62-$63 continuing its upward trend with price making higher highs and higher lows. Resistance remains at the $63.75 area where the previous double top was made. The 78.6% retracement level is the next target and if bulls manage to recapture it, then we could see a stronger move higher towards $72.50. As long as price is above the red upward sloping trend line we remain short-term bullish looking for a test of $67 and $73. Support is key at $59.55. Failure to stay above it will be a bearish signal.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade