Is Litecoin (LTC) on the Verge of a Bullish Surge？

• Litecoin hits $65 after a spike of above 3% in the last 24 hours.
• The short-term 9-day and long-term 21-day reveals LTCs bullish rally.

Cryptocurrencies are facing a considerable loss in a bearish ride within the crypto market, including Bitcoin (BTC) and Ethereum (ETH). Moreover, other altcoins are struggling to sustain the recent gains attained. In particular, Litecoin (LTC) exhibits a daily surge of 3.30% in market price.

LTC hit its six-day high and recovered to $65.28 over the last 24 hours. The altcoin regained its price by jumping from a low of $61.75 to a high of $66.37. Despite the surge, the trading volume has decreased by 10.30% to $330 million, and LTCs market cap stayed at $4.89 billion, as per CMC data.

Notably, in the past thirty days, Litecoin‘s performance was on the downside, declining by over 9%. The altcoin dipped down from $70.44 to a low of $51.16. This downside pressure extended throughout, and over the last week, LTC has dropped by 1.73%. The week began bullish, trading at $66.49, and it couldn’t maintain the upward price momentum. The asset slid down to $59.64.

Besides, 200K LTC, worth approximately $12.76 million, were recently transferred from an unknown wallet to Binance, according to Whale Alert. On the other hand, a recent report by Santiment revealed that Litecoin discussions on social media have been low. That was followed by a massive liquidation of 45,020 net wallets, which held between 0.1 and 1 LTC.

Will the LTC Bulls Sustain？

A closer look at Litecoins technical indicators reveals the bullish rally; the short-term 9-day MA and long-term 21-day MA are recorded below the trading price at $64 and $64.25, respectively. The daily Relative Strength Index (RSI) of LTC has entered the neutral zone, hovering around 53.36.

LTC price chart (Source: TradingView)

The current price movement shows the bull run; if it persists and breaks through the $67 resistance level, LTC could test the key resistance at $70.20. Conversely, a drop below the $63 support level, altcoin might be pushing the price down to the critical support at $61.36.