FX.co ★ Elliott wave analysis of Litecoin for May 26, 2023

Litecoin has spiked above the short-term key resistance at 86.89, strongly indicating that wave 2/ has been completed and wave 3/ higher towards 111.41 now is in motion. We are still very early in the new impulsive rally we are looking for, but we should see support near 85.67 acting as a floor for the next impulsive rally towards 90.60 and the more important neckline resistance at 94.90. A break above the latter will activate the S/H/S bottom for the expected rally towards 111.41 and likely above too.