Litecoin is flexing bullish muscles after falling

Litecoin is flexing bullish muscles after failing

Litecoin’s upside is limited under the trendline resistance.
A positive technical picture is growing as Litecoin bulls target $60 in the near-term.
The cryptocurrency market is currently reviving the trend following minor corrections from what analysts regard as a fake. Litecoin is flexing its bullish muscles after falling to impress the investors over the last couple of days. "Litecoin is flexing bullish muscles after falling"

Litecoin is flexing bullish muscles after falling

On Wednesday, Litecoin is up 1.61% after opening the session at $55.78. A bullish action touched highs around $56.74. At the time press, LTC/USD is trading at $56.66 while the bulls look forward to blasting through $60. Still pressing down on the price is the descending trendline resistance.

Although LTC is still trading below the simple moving averages, the double-cross of the 50 SMA on the hourly chart under the 100 SMA signals that the technical picture is improving gradually. Moreover, the relative strength index (RSI) is also above the oversold levels (70) and pointing upwards. In the event, a breakout above $60 fails to materialize and a reversal occurs, the recent support at $50 will come in handy.

Litecoin fell by 0.52% on Tuesday. Partially reversing a 4.06% rally from Monday, Litecoin ended the day at $55.8.
Tracking the broader market, Litecoin rallied to an early morning intraday high $57.75 before hitting reverse.

Coming up against the first major resistance level at $57.52, Litecoin slid to an early evening intraday low $54.87.
Steering clear of the first major support level at $53.58, Litecoin bounced back to $55 levels to cut the deficit on the day.

At the time of writing, Litecoin was up by 1.13% to $56.43. A bullish start to the day saw Litecoin rise from an early morning low $55.8 to a high $56.6 before easing back.

Litecoin LTC left the major support level and resistance levels untested early on.
For the day ahead, holding onto $56 levels through the morning would support a run at the first major resistance level at $57.41.

Litecoin would need sentiment across the broader market to improve, however, to support a move through to $57 levels.
Barring a broad-based crypto rally on the day, we would expect the first major resistance level and Tuesday’s high $57.75 to cap any upside.

Failure to hold onto $56 levels could see Litecoin hit reverse. A fall through the morning low $55.8 would bring the first major support level at $54.53 into play before any recovery.
Barring a crypto meltdown, Litecoin should steer clear of sub-$54 support levels on the day.

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