FX.co ★ Elliott wave analysis of Litecoin for January 12, 2023

Litecoin continues to follow the expected path and has made new highs since the long-term bottom at 42.22. We continue to look for more upside progress, but nothing comes in a straight line. Therefore, we see another temporary consolidation in the coming days before the next push higher towards 88.66. The push to 88.66 should complete wave i of 3 and give way to a new consolidation/correction in wave 2, but as the uptrend from 42.22 gathers momentum, we expect the consolidation/correction to be small and less time-consuming.

Support is now seen at 79.68 which ideally will act as a floor for the rally to 88.66 and above.