The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice[LTC]’s recent buying resurgence resonated with the market-wide recovery while the price approached a critical juncture on the chart. In the meantime, the revival above the 20/50 EMA provoked a bullish crossover on these EMAs.
Despite a blip in the ascending channel trajectory, the bulls have held up the pattern’s lower trendline to reflect an increasing bullish edge. Additionally, the bullish crossover on the 20 EMA and the 50 EMA reiterated this bias. The bulls must propel the price to close above the $64-resistance to heighten the chances of a sustained recovery. Any break below the pattern would hint at reversal tendencies before a bullish comeback.The Relative Strength Index finally found a break beyond the 60-mark while revealing a visible edge for the bulls. A continued northbound push could turn the tide in favor of the bulls.
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