Three Reasons Why Litecoin could boost your portfolio in the early 2023

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Brian Bollinger The Litecoin prices have been steadily rising for three weeks consecutively and are now approaching the $80 resistance. The cup and handle pattern influenced the coin price to breach the monthly barrier. This may provide a strong launchpad for buyers and help continue the bullish recovery. AdvertisementSource- TradingviewLitecoin Price Forms a Bullish Reversal patternThe weekly chart of the Litecoin price shows a cup-and-handle pattern. This pattern is similar to a normal teacup but it is one the most common bullish trend reversal patterns that can be observed at market bottoms. This pattern also has a key resistance level that could be broken to increase buying and offer investors an entry opportunity. Trending StoriesThe Litecoin charts show this resistance at $80. In the ideal situation, it would drive a bullish rally up to the $110 mark. The Relative Strength Index (RSI), which measures the speed and magnitude recent price action, shows bullish divergence. The recent new year recovery helped buyers with this growth and pushed it to its current price of $75.6. The recent new year recovery assisted buyers with this growth and pushed it to its current price of $75.6.advertisementThus, with sustained buying, the LTC price may continue to rise and challenge the $80 neckline resistance of the cup and handle pattern.Resistance Levels: $80 and $101
Support Levels: $63.7 & $47.8
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