Bulls Take Control of Litecoin Price Action

Litecoin hit an important milestone in its trend that could catalyze a new rally. However, contrary to the milestone, a technical pattern is signaling exhaustion.

Demand for LTC is on the Rise

In the last 24 hours, Litecoin experienced a bullish impulse that saw its price surge by 18%. LTC went from trading at a low of $58.30 to a high of $68.90. The sudden upswing allowed LTC to move above its 200-day moving average.

Turning this significant level of resistance into support is usually considered by many technical analysts as a sign that a major bull rally is on the horizon. As a matter of fact, the last time Litecoin was able to cross above its 200-day MA was on Feb. 8 of last year. Following this milestone, LTC surged over 300% to peak at a high of $147 on June 22, 2019. 

The moving average convergence divergence, or MACD, also turned bullish recently adding credence to a further advance. This technical indicator follows the path of a trend and calculates its…