Bulls were able to take control of the market last week, and after touching a low of $85.16 on May 1, the price started to correct upwards against the US dollar, touching a high of $89.82 today in the early Asian trading session.

There is a morning star pattern above the $85.16 handle on the H1 timeframe. It signifies the end of a bearish phase and the start of a bullish phase in the market.

The momentum indicator is back over zero in the H4 timeframe, indicating a bullish trend.

A bullish harami pattern is forming in the 30-minute timeframe.

Also, Litecoin is trading below its 100-hour simple moving average and 200-hour exponential moving average and above its pivot level of $88.5.

The relative strength index is at 51.92, indicating a neural demand for Litecoin and the shift towards consolidation.

Litecoin price remains above some of the moving averages, which are giving a bullish signal at current market levels of $88.20.

Both the ADX and CCI are signaling neutral market conditions, which means that the price is expected to move in a narrow range in the short term.

The short-term outlook for Litecoin has turned mildly bullish.

• Some of the technical indicators are bullish.
• Litecoin bullish reversal is seen above the $85.16 level.
• The RSI is neutral.
• The average true range indicates low market volatility.

Litecoin Bullish Reversal Is Seen above $85.16

Litecoin's price continues to move in a bullish trend above the $85.00 level. Due to the improved investor sentiments, the Litecoin-to-USD exchange rate is now looking to cross $90.00 in the D1 timeframe.

The momentum indicator is back over zero in both the 2- and 4-hour timeframes.

Some of the technical indicators signal a neutral market sentiment.

LTCUSD is about to break its classic resistance level of $88.29 and Fibonacci resistance level of $88.42, after which the path towards $90 will get cleared.

Litecoin price faces stiff resistance at $90.13, which is a 38.2% retracement from the 13-week high, and at $92.57, at which the price crosses the 18-day moving average.

The Week Ahead

Litecoin price remains well supported above the $85.00 level; resistances are located at $88 and $90.

Most technical indicators signal a bullish sentiment in the market.

Litecoin to USD exchange rate is expected to stay above the important support level of $86.64, which is a 3-10 day MACD oscillator, and at $87.11, which is a pivot point.

The short-term outlook for Litecoin has turned mildly bullish, the medium-term outlook is bullish, and the long-term outlook is neutral at present market conditions.

The weekly projection of Litecoin price is $95, with a consolidation zone of $92.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.