Moving sideways with a bearish influence, the LTC price struggles to rise above the $68 supply zone. Despite multiple attempts, the recovery trend has reversed from $68 over the past few weeks.
Nevertheless, the LTC price trend prepares a bullish pattern to reclaim the positive trend momentum.
With hawkish comments from Fed’s Powell, the market took a hit yesterday, driving altcoins lower. Making a bearish engulfing candle at $68, the LTC price fell 4.09% yesterday, reflecting strong supply overhead. Moreover, the opposition from the 50-day EMA close to $68 provides additional resistance.
The Litecoin price trades at $64.26, and a Doji candle forms today. Looking at the previous price action, an inverted head and shoulder pattern seems possible. If the LTC price reverses from $61-$60 to rechallenge the overhead supply zone and form a bullish pattern.
Moreover, the ongoing 12% recovery rally from $55.79, avoiding a drop to $50, projects solid bullish sentiment.
Based on the technical indicators, the MACD and RSI show signs of a recovery. The RSI line has risen above the halfway point, Further, the MACD indicator shows a positive alignment with bullish histograms.
Will LTC Price Rise To $100?
If the LTC price completes the bullish pattern, the $68 breakout is a must to spark the uptrend. Considering the breakout occurs, the Litecoin price can face opposition at the $80 milestone before reaching the $100 mark.
On the flip side, if the downtrend continues, it will break through the $60 zone and test the bullish dominance at the $50 demand level.
