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Forex Analysis & Reviews: Litecoin: new breakout attempt, 55.55 key level
time 30.09.2022 06:01 PM
time Relevance up to, 01.10.2022 06:01 PM

Litecoin is trapped within a range pattern but it could break out from this formation soon. Potential strong moves on Bitcoin and Ethereum could bring sharp movements also here on LTC/USD. It was trading at 54.58 at the time of writing below the 55.55 key resistance.

LTC/USD increased by 8.04% from Wednesday's low to 55.11 today's high. In the short term, the altcoin could continue to move sideways.

LTC/USD Exit Its Range Soon?

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LTC/USD is still trapped between 55.55 and 50.01 levels. Failing to make a new lower low or to stabilize below the median line (ml) signaled exhausted sellers.

The 55.55 level represents a strong upside obstacle. The R1 (55.66) stands as a resistance as well.

LTC/USD Forecast!

A valid breakout through 55.55 may activate further growth and could bring long signals.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2022
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