FX.co ★ Elliott wave analysis of Litecoin for January 2, 2023

Litecoin has rallied nicely and is now fighting with resistance at 71.50. Once this resistance is broken, nothing will stop the rally up to 79.78. A break above this level calls for a continuation of the uptrend toward the 121.80 target.

In the short term, we can see that the cup and handle pattern is being formed. A break above the resistance at 71.50 will open the way to the upside and will enable the rally to continue towards 79.78 and above.

Support is seen at 69.19 which is expected to act as a floor for the break above 71.50.