Litecoin’s price has demonstrated huge strength since the start of the year’s second quarter. The rebound has been flashing a light on the growing strength of the bulls, which suggests a larger price action could be in place. The FOMC rates are underway, and the markets have begun to react positively, as they always do before the announcement. The Bitcoin price climbed above $97,000, while the LTC price is above $90. Meanwhile, more volatility is expected in the coming hours, which may elevate the price close to $100.
However, the question arises whether the bulls will secure the gains above $100 or face a rejection to drop back to their initial levels.
The central bank is expecting the rates to remain unchanged at 4.25% to 4.5%, while the Fed Chair Jerome Powell’s comments are expected to have a major impact on the markets. The LTC’s recovery from the tariff-triggered crash to $63 signals a prolonged ascending trend after the token turned the resistance at $80 into a strong support. Moreover, the price reclaimed the 50-day MA at $83.48 and seems likely to achieve the 200-day MA at $112 soon.
The long-term price action of Litecoin is extremely bullish, while the latest rebound from $63. Moreover, the token is about to experience the very first weekly Golden Cross, which is expected to offer a strong bullish momentum. To do so, the token is expected to maintain a consolidated ascending trend and rise above the average bands of the rising parallel channel, at around $96. Meanwhile, these popular indicators have also turned bullish, hinting towards the price being at the foothill of a massive explosion.
The weekly MACD suggests a drop in the selling pressure, while the levels are heading for a bullish crossover. On the other hand, the RSI has rebounded and is about to rise above the average range. Once the RSI also displays a bullish crossover, the Litecoin price is expected to rise above $100 and secure the levels at the pivotal resistance at $105. If the price sustains above the range throughout the month, a rise in the buying pressure could help the price to breach the channel and initiate a strong bull run to a new ATH.
