FX.co ★ Elliott wave analysis of Litecoin for August 23, 2023

Litecoin should see more upside towards 85.32 once this minor consolidation is complete. Because of the strong spike to test support at 57.40, we need a break above resistance at 85.32 to confirm that wave 2 has been completed and wave 3 towards 131.05 is in motion.

Short-term we see support at 62.05 and then near 61.40. The latter should be able to act as a floor for the expected break above minor resistance at 67.33 and more importantly a break above resistance at 85.32.