Litecoin Rallies off Inflation Data

10 nov 2022

Crypto has had a wild ride the last 24 hours, and Litecoin is not an exception. First, the FTX situation sent LTC tumbling from highs in the $70's, all the way down to the origin of the rally in the low $50's. We were able to puncture $50.64, a relative low, and strong level of support and dive into the $40's. However CPI data saved the day for crypto and other risk-on assets when it came in softer than expected, sending Litecoin flying back to the $50's. Currently we are at the edge of the $60 handle, where a red triangle on the KRI is confirming resistance. If we are able to break into the $60's, then $61.75 is the next target. If we reject current levels, then $55.84 should provide support.