Litecoin’s price surprised the entire crypto space with a sudden jump fueled by the recent collaboration with MoneyGram. The popular P2P cross-border payment platform now enables the buying, selling, & trading of Litecoin along with other popular crypto assets. The LTC price surged by more than 15% to test the crucial resistance levels.
With the recent advancement, the LTC price appears to have formed a pre-halving bottom structure & hence due for a massive breakout.
The weekly RSI of the token has entered the oversold zone with the MACD crossover below the zero line. Each time the token marks the bottom, the price has rebounded finely. The LTC price rebounded and surged more than 36246% in 2015, while more than +1333% in 2019. Therefore, with a similar trend repeating at the moment, a similar upswing may be expected.
Secondly, the monthly RSI broke out of a downtrend while the price continues to test important levels. A successful breakout beyond these levels is expected to ignite a significant upswing that may prevail for a longer time frame ahead.
Another major factor hinting at the Litecoin bull rally is the rising dominance. The token recently broke the descending trend line it followed for nearly 2 years, indicating the end of a bearish trend. The dominance of the LTC price surged beyond 0.45%, indicating the resurgence of a bullish trend.
Litecoin appears to be poised for a significant breakout, as the indicators are quite bullish. Therefore, in the coming days, the bulls are expected to uplift the price significantly, decoupling from the market trends, and bringing it close to the initial target of around $100.