Litecoin's bullish crossover pushes LTC towards $115 resistance

Litecoin (CRYPTO:LTC) has seen a strong upward momentum recently, fueled by bullish crossovers in its Stochastic (Stoch) and Relative Strength Index (RSI) indicators.

Over the past three days, LTC has surged by 9.38%, trading at $105, marking a 6.69% increase in the last 24 hours.

This marks a significant recovery after a decline to $96.

Previously, Litecoin had been on a downward trend, showing losses of 3.4% on the weekly chart and 13.97% on the monthly chart.

However, recent gains have sparked speculation about LTC’s future trajectory.

Is this a market correction driven by New Year speculations, or is LTC poised for a sustained recovery?

According to analysis, Litecoin’s current strong upward momentum suggests the latter.

The bullish crossover on the Stochastic indicator signals that market momentum is shifting to the upside, presenting a buying opportunity.

The RSI’s similar bullish crossover supports this, indicating increased buying activity and potential for further price gains.

In addition to technical indicators, large transactions have surged by 31.3% in the past day, driven by whales entering the market.

This suggests that large investors are optimistic about LTC’s future performance.

Furthermore, long positions have dominated the market, with 53% of positions being long, indicating that most traders expect prices to rise.

The MVRV ratio, which had been in an undervalued zone, has also shown signs of recovery, moving from 0.208 to 0.29, signaling that Litecoin is likely to continue appreciating in value due to increased buying interest.

If Litecoin maintains this bullish trend, it could break the $115 resistance level, with a potential move to $130.

However, if the bulls lose momentum, the price could dip back to $96.

At the time of reporting, the Litecoin price was $105.94.