LTC prices showcase a recovery rally surpassing $50 with a double bottom reversal. Will the bullish rally surpass the 20-day EMA? Key technical points: The LTC market price has increased 13.14% over the past 24 hours. The 20-day EMA provides constant dynamic resistance. The 24-hour trading volume of Litecoin is $1.40 Billion, indicating a hike of 47%. Past Performance of LTC The LTC price action shows daily candles with long tails representing lower price rejection which are failed attempts by sellers to cross under $40. However, the consolidation near $40 forms a double-bottom, and the breakout suggests the start of a recovery rally. Source- Tradingview LTC Technical Analysis Over the weekend, the LTC prices surpass the psychological mark of $50, signaling the start of a recovery rally. And the double bottom’s breakout increases the buying pressure and prepares to take on the resistance overhead of $60. The MACD indicator signals a buying opportunity based on a bullish crossover in the fast and slow lines. Moreover, the resurging positive histograms reflect a rise in buying pressure. The increase in underlying bullishness drives the RSI value above the 14-day SMA line. And the bullish divergence in the double bottom hints at an uptrend continuation. Since the April crash, the 20-day EMA has provided dynamic resistance to the declining Litecoin prices. Hence, the breakout of the EMA will be the ultimate confirmation of a recov...
