Litecoin is an undervalued token which needs a bullish structure to just continue its bullish momentum. The market is currently at the support level and has the potential for the market to continue moving up towards the next resistance.

The descending trendline is on the verge of breakout buy for the market. Once validated, the breakout buy will continue moving up upwards at the resistance level. The ascending trendline has been rejected by the price action.

The retracement is in confluence with the support level with the level of 61.8%. This level needs to be respected in order for the market to continue moving up.

EMA 50 is still above the market price and has the potential to retest the EMA 50. This retest can be our profit target.

RSI is at 39. This needs to fall in an over sold region or it has to head above the 50 level region in order for the market to align with other technical parameters.

Litecoin

Oct 16 2022