Litecoin Technical Analysis – Key Resistance to Watch

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FxNews—In our recent Litecoin technical analysis, we predicted a surge in the Litecoin price toward the $80 resistance area, a proven accurate forecast. The LTCUSD pair reached this high, aligning with the upper band of the trading channel. Currently, the pair is retracing from this upper band within the bullish flag pattern, and we anticipate a test of the R2 support at the $75.9 level.

Litecoin Technical Analysis – Key Resistance to Watch

The Relative Strength Index (RSI) is moving below the overbought area, heading toward the middle line, which supports the current bearish momentum. The R2 level, coinciding with the median line of the bullish flag, appears to be the next significant target.

Litecoin Technical Analysis - Key Resistance to Watch

Litecoin Technical Analysis – Key Resistance to Watch – 4-hour Chart

Should the price maintain stability above the R2 level, we expect a revisit to the recent high. However, a break below R2 could lead to an extended decline to the lower band of the bullish flag, around the $74 mark. This level would represent a critical juncture for Litecoin, as a breach could signal a further downside.

Investors and traders should closely monitor these support and resistance levels as they offer insights into possible short-term price actions.

  • 2023-12-09