**Litecoin Eyes Potential Rebound: Can It Overcome Recent Downtrend?**
● Litecoin has surged over 10%, testing the 20-day EMA amid a broader market correction.
● Analysts anticipate a breakthrough past the crucial $80 mark, which could signal a robust upward trend.
● Technical indicators suggest rising buyer momentum and the potential for further price gains in Litecoin.
Following a period of market correction, Litecoin (LTC) is showing signs of a potential rebound. The cryptocurrency has seen a significant recovery, bouncing back over 10% and challenging the 20-day EMA this week. Despite recent lower low swings, buyers are eager to reverse the downward trend.
Litecoin recently dipped to the demand zone around $68 after a range breakdown but managed to stabilize and pull back as accumulation increased. This suggests that Litecoin may have completed its corrective phase and is poised for a notable rise, especially if it surpasses the critical $80 mark.
The approval of Bitcoin (BTC) spot ETFs has exerted pressure on the broader crypto market, with Litecoin experiencing some selling pressure. Despite this, Litecoin has shown a modest recovery, trading at $74.15 with a 1.06% intraday surge. While it boasts a monthly return of 11.20%, its annual return is 12.20%, indicating long-term consolidation.
A sustained rebound seems likely if Litecoin maintains levels above its 20 and 50-day EMAs. The recent spike in trading volume, over 70%, highlights significant buyer accumulation from the demand zone.
The $80 mark is a critical threshold for Litecoin. If it can breach this level, a substantial upward movement may follow. However, failure to surpass this mark could lead to continued bearish trends, potentially pushing prices towards the $60 zone.
