Litecoin has always been considered one of the most undervalued cryptos, as it was the first altcoin after Bitcoin, which is functional. Meanwhile, the trader’s attention over these undervalued tokens has intensified in recent times and as a result, the prices are inflating with huge margins. LTC price, to be specific, has marked 15% gains in the past 24 hours and, despite the acute bearish activity, sustains above the gains. Therefore, this suggests the token is primed to maintain a strong ascending trend and reclaim the lost levels in the upcoming days.
The LTC price has reversed the bearish trend, which is believed to be one of the most bullish signals. With this move, the price is believed to maintain a strong ascending trend but will rise above the bearish reach once it secures levels above the resistance at $121.
The LTC price has squashed the bearish possibilities after rising above the bearish descending triangle, activating the higher targets. The volume has remained elevated since the start of the month, which has turned some key indicators bullish. The Chaikin Money Flow (CMF) is a key indicator that identifies the money flow. The indicators have just surged above ‘0’, highlighting the rising strength within the markets. This also suggests the prices will continue to rise and hence a rise above $121 seems to be imminent.
On the other hand, the +Di & -Di of DMI underwent a bullish crossover; however, this does not validate a trend reversal. There is no larger spread between the levels, which holds the possibility of a bearish pullback. Moreover, it also showcases the weakness of the rally as ADX remains grounded close to the lower threshold. Therefore, this raises the possibility of rejection from $121, but if the bulls manage to minimize the losses, a strong rebound may soon be instigated. Hence, the Litecoin (LTC) price rally continues to trade under bullish influence but a confirmation is awaited.
