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- Litecoin has shown a significant recovery, with a rebound of over 10%, and testing the 20-day EMA amid ongoing market correction.
- There is anticipation that Litecoin could surpass the critical $80 mark, signaling a potential upward trend.
- Technical indicators suggest increasing buyer momentum and potential for further price gains in Litecoin.
Following a period of market correction and downtrend, Litecoin appears primed for a potential rebound. Recently, Litecoin (LTC) experienced a significant recovery, achieving a rebound of over 10% and testing the 20-day EMA mark this week. Despite the lower low swings still evident, buyers are keen to reverse the prevailing trend.
The LTC coin recently underwent a range breakdown, dipping to the demand zone around $68. However, it managed to stabilize and witnessed a pullback as buyers started accumulating the coin. This recovery suggests that Litecoin may have completed its corrective phase and could be set for a notable rise, particularly if it surpasses the critical $80 mark.
The recent approval of Bitcoin (BTC) spot ETFs has kept the broader cryptocurrency market under pressure, with Litecoin showing signs of selling pressure. Nevertheless, Litecoin displayed a modest recovery, trading at $74.15 with a 1.06% intraday surge. Although it reflects a monthly return of 11.20%, its annual return stands at 12.20%, indicating long-term consolidation.
A rebound appears likely, contingent on Litecoin maintaining levels above its 20 and 50-day EMAs. The recent spike in trading volume, exceeding 70%, indicates significant buyer accumulation from the demand zone.
The $80 mark serves as a critical threshold for Litecoin. If the recovery continues, breaching this level could signal a substantial upward movement. Conversely, failure to surpass this mark may result in continued bearish trends, potentially driving prices toward the $60 zone.
Technical indicators show positive signs, with the RSI curve recovering from oversold territory and exhibiting a positive crossover. Buyer momentum has strengthened, evidenced by follow-on buying this week.