Technical outlook:
Litecoin has further raised through $60.00 highs over the weekend before finding resistance and easing off. The crypto is seen to be trading close to $57.00 levels at this point in writing and is expected to push through $73.00 in the near term. Bulls are looking poised to hold prices above $40.33interim low to keep the near-term structure intact.
Litecoin has been dropping since May 2021 after registering all-time highs around $413 levels. The drop has been correcting and has taken shape of a zigzag terminating around $40.33 recently. Notably, prices have crawled back above the channel support, which is constructive for bulls going forward.
Litecoin has further managed to carve a lower degree upswing boundary between $40.33 and $60.00 levels in the past few trading sessions. The rally might continue from current levels or produce a corrective drop towards $48.00 before resuming higher. Either way, traders might be preparing to hold long positions from here.
Trading plan:
Potential rally through $73.00 against $40.33
Good luck!
