Technical Analysis – LTCUSD completes golden cross but advance pauses

LTCUSD (Litecoin) experienced a massive decline in 2022, plummeting to a 25-month low of 40.30 in June. Even though the cryptocurrency managed to regain some ground after trading sideways for around five months, its rebound appears to have temporarily paused.

The momentum indicators are endorsing a positive near-term tone. Specifically, the RSI is ascending above its neutral mark of 50, while the stochastic oscillator is approaching the overbought territory.

Should buying pressures persist, the price could initially test the recent rejection region of 83.25. Climbing above that zone , the bulls may aim at the 91.40 support, which could now act as resistance. Even higher, the May resistance of 106.40 could limit further advances.

On the flipside, bearish actions could send the price to challenge the recent support of 70.30. If that floor collapses, the spotlight could turn to the 59.00 barrier before the price retreats towards the November low of 47.50. A violation of the latter may open the door for the 2022 low of 40.30.

In brief, LTCUSD’s recovery appears to be weakening. Therefore, a close above the 83.25 ceiling is needed to signal the continuation of the short-term rebound.

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