Following the rising channel fallout and death cross pinning a bearish dominance over the daily chart, Litecoin drops to $60. Holding off any further depreciation in the market value, the buyers lead the LTC price into a sideways trend, waiting for the right moment.
Bring hope to the Litecoin investors, Grayscale’s victory in the legal battle leading to a market-wide recovery brought the perfect reversal moment.
With a 4.85% year-to-date loss, 2023 remains a bitter-sweet year for Litecoin and most of the crypto market. However, the 12% reversal in the last two weeks pushes the LTC price higher to challenge the bearish dominance at the $70 belt.
Maintaining a downtrend post-death cross, the crucial 50 and 200-day EMAs might soon provide a supply line. Keeping the bullish growth in check, the EMAs are now a new resistance spot for the LTC price.
The supply inflow at $70 pushed down the LTC price by 1.73% last night, creating a short pullback. Currently, the LTC price trades at $67.86 with minimal intraday move, forming a Doji candle.
Coming to the technical indicators, the MACD and RSI are presenting a recovery in motion. The RSI line resurfaces from the oversold zone, with the MACD indicator entering a positive alignment with bullish histograms on the rise.
Avoiding a Crash to $50, Will LTC Price Touch $80?
Despite the buyers making a comeback to challenge the $70 belt, the overall trend remains bearish. Moreover, the overall market seems silent after the Grayscale decision, with strong anticipation of the SEC delaying the Bitcoin ETF approval this Friday.
Therefore, despite the impressive recovery, the LTC price continues the bearish path and reverts to $60. However, if the SEC approves Bitcoin ETF this week, the LTC price will break above $70 and retest the broken channel close to $80.
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