Litecoin price formed a descending trend line during the recent move down. This trendline was tested yesterday and has served as resistance until now. Since the indicators are not yet in overbought territory, we assume that the Litecoin price will continue to rise. Thus, the current trend line would be broken. By breaking the trendline, an uptrend would develop. This would increase the Litecoin price.
If there is a bullish break in the trend line, we assume that the price will gradually work through the resistance. The Litecoin price could initially rise to $142. There is the first resistance. During the rise to $142, we do not expect a major correction either. After the price reaches the first target, a slightly larger correction could occur. However, this correction could result in a rally to $165, so corrections are not necessarily a bad thing. Mostly they are good for the course.
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