LTC/USD bulls reclaim $56 support amid growing demand across the market

  • 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 failing to impress the investors over the last couple of days.

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.

LTC/USD 60’ chart

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