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Forex Analysis & Reviews: Litecoin's bullish pattern violated, higher high needed
time 30.11.2022 11:30 PM
time Relevance up to, 01.12.2022 11:30 PM

Litecoin jumped as much as 80.75 today where it has found resistance. It has retreated a little in the short term but the upside pressure remains high. The rate tries to test and retest the immediate support levels before jumping higher.

In the last 24 hours, LTC/USD increased by 1.82% but it's down by 0.38% in the last 7 days. Bitcoin's potential growth should help the altcoin to jump higher as well.

LTC/USD Validates Its Breakout!

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Technically, LTC/USD escaped from the flag pattern and now it tries to retest the broken downtrend line. It has registered only a false breakout through 79.60, so a minor retreat is natural.

The 79.60 and the 80.70 levels represent upside obstacles. As long as the token stays above the broken downtrend line and above 74.29, it could develop a new upside movement.

LTC/USD Forecast!

A new higher high, making a valid breakout through 80.70 brings new longs.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2023
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