- LTC has surged by 6.69% over the past 24 hours.
- With a bullish crossover, Litecoin seems positioned for recovery on its price charts.
Over the past three days, Litecoin [LTC] has experienced a sustained uptrend, signaling potential recovery. After declining to a low of $96, Litecoin has surged by 9.38%. At the time of writing, Litecoin was trading at $105, marking a 6.69% increase over the past 24 hours.
Before these gains, LTC was on a downward trend, with declines of 3.4% on the weekly chart and 13.97% on the monthly chart.
The recent gains prompt questions about the altcoin’s future trajectory. Is LTC on the verge of a sustained recovery, or is this just a market correction driven by New Year speculations?
Is LTC ready for a sustained recovery?
According to AMBCrypto’s analysis, Litecoin was experiencing strong upward momentum amid increased buying pressure.
These market conditions could position Litecoin for further gains on its price charts.
Source: TradingView
To begin with, Litecoin has experienced a bullish crossover on its Stochastic (Stoch) indicator over the past 24 hours. This indicates that market momentum is shifting to the upside, potentially leading to a price increase. This crossover signals a buying opportunity for many traders.
Similarly, Litecoin’s Relative Strength Index (RSI) has also shown a bullish crossover, further confirming increased buying activity. With heightened buying pressure, demand could drive prices higher.
