Litecoin gains at the beginning of 2023

Sentiment on the cryptocurrency market improved in the first session of the new year. One of the best-performing digital currencies on Monday is Litecoin, which jumped around 6%. Bitcoin, on the other hand, adds nearly 1%, while Ethereum is listed 1.15% higher.

From a technical point of view, Litecoin price halted declines in the second half of December and  the upward move accelerated during today's session. Looking at the H4 interval, the price today attacked the upper limit of the local descending channel, however sellers become more active around this level. Should deeper pullback occur, the $71.55 level should be considered as the key support. This level is marked with the lower limit of the 1:1 structure and previous price reactions. On the other hand, if buyers will manage to uphold recent momentum, then nearest resistances to watch are located at $79.43 and $82.93.

Litecoin interval H4. Source: xStation5