Bitcoin’s growth within the previous month has advanced bullish revival efforts within the cryptocurrency market. The altcoin market revealed spillover effects of BTC’s upside, recording double-digit monthly surges.
Consequently, Litecoin buyers secured renewed momentum that supported the assets to resurge above the 20 Exponential Moving Average and the 50 Exponential Moving Average.
A possible closing beyond the closest ceiling might amplify the probability of extended upside over the coming sessions. While publishing this post, LTC changed hands at $61.
Litecoin Daily Timeframe
LTC’s efforts to halt the bearish bias eventually succeeded as the altcoin revived more than a third within the past three weeks. Bulls ensured their footing above the 20-50 Exponential Moving Average shackles due to the ascending channel.
Litecoin bulls have battled to overcome the $61 – $62 resistance since overturning the 5-month resistance to foothold.
With the 20-Exponential Moving Average remaining northbound, the buying resurgence might position LTC to extend its patterned oscillation.
In such scenarios, potential targets would stay around the $68 mark near the upward channel’s upper trendline.
Bulls should secure a closing beyond the nearest resistance range to increase the probability of sustained recoveries. A break beneath the setup would confirm reversal tendencies that might affirm shorting signs.
Reasoning
The RSI (Relative Strength Index) battled to keep a spot above the 60-level while displaying a slight bullish edge. Sustained actions beyond the equilibrium would favor bulls.
Nevertheless, on-balance volume’s bullish divergence can help buyers keep the present pattern to extend the growth phase.
However, it should overpower its resistance to support a massive buying preference. Furthermore, the MACD lines witnessed bullish favoritism while swaying beyond the zero-line.
Conclusion
Considering the 20-50 EMA bullish cross plush the daily chart’s bullish engulfing candle, buyers would target to extend the patterned action.
Targets would stay as discussed. Meanwhile, reversals from $68 or the pattern’s lower trendline could suggest a ‘sell’ signal.
Lastly, Litecoin boasts a 95% correlation with Bitcoin. That means LTC enthusiasts should watch BTC’s actions for profitable decisions.
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