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Market Analysis

Litecoin Technical Analysis – Potential Breakout Imminent

Since our previous look at Litecoin (LTC) analysis, we have managed to break into the upper support zone. By looking at this current 4H chart, we can see that there may well be an upside surge on the cards. Price action has retraced perfectly into the 61.8% Fibonacci region, around $85.20. With the likelihood of the market correction complete, a clear upside breakout of the zone, just below $95 could see us return to the $100 region. Should this occur, we can look at upside targets of $104 and $112.

However, should the market continue to see red, and the zone does not hold as support, we may resume into ranging between the two highlighted grey areas. For now, upside bias seems favourable however, we will monitor this to see if LTC can resume trading above the significant $100 level.


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