Elliott Wave

Elliott wave analysis of Litecoin for January 12, 2023

Litecoin continues to move up in line with expectations and has recently broken through 42.22 once again. We don’t expect the current rise to proceed in a straight line, so we don’t expect any additional consolidations in the immediate future.

A temporary consolidation is anticipated in the coming days before the next bull charge towards 88.66. The wave i 3 upward movement from 42.22 is expected to result in a new consolidation/correction, but as the current uptrend gathers momentum, we expect the consolidation/correction to be minor and brief.

The initial support level at 79.68 will serve as a floor for the expansion to 88.66 and above.

Andrew Johnson is a seasoned journalist with a keen interest in the commodity market. He is a regular contributor to Livemarkets.com, where he covers the latest news, trends, and analysis related to the commodity industry. With years of experience under his belt, Andrew has established himself as a reliable source of information on the global commodity market.