LTC/USD is bullish but still needs to break $50.87

LTC is up 10% within the final 48 hours.
The present uptrend might be stopped by the resistance degree at $50.87.
LTC/USD has skilled a big surge in buying and selling quantity on most exchanges.

LTC/USD each day chart

After a transparent bull break on Could 30, LTC/USD is now buying and selling at round $49.58, inches away from the $50 resistance degree, and the essential $50.87 resistance level set on Could 4. Bulls managed to interrupt above the each day 12-EMA and the 26-EMA which additionally crossed bullishly.

Rejection of $50.87 can nonetheless hinder the present uptrend. Up to now, Litecoin has solely been following the motion of Bitcoin and Ethereum, and it’s nonetheless at their mercy. A transparent break above $50.87 can rapidly push LTC as much as $60.

LTC/USD 4-hour chart

Litecoin is inside a transparent and strong 4-hour uptrend the place bulls can have a look at all the upper lows as help ranges. The closest help degree, nonetheless, is the 12-EMA at the moment set at $47.91, adopted by the 26-EMA at $46.84. The RSI is overextended and might want to cool off ultimately, nevertheless it received’t essentially cease the bulls from breaking $50.