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30.11.2022 07:21 AM
Elliott wave analysis of Litecoin for November 30, 2022

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Litecoin has broken nicely above minor resistance at 77.49 and more importantly above resistance at 79.50 which confirms that the corrective decline has been completed and a new impulsive rally towards 96.90 should be seen in the weeks ahead.

Longer term, we are looking for Litecoin to continue to outperform with the price climbing even higher towards 143.90 and possibly even closer to the 2021 high at 413. On the way up, strong resistance will be seen at near 320. However, as always let's take the expected rally higher in baby steps and start by looking for a rally to 96.90. Then let's see if the rally gains impetus.

Torben Melsted,
Analytical expert of InstaForex
© 2007-2024
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