Disclaimer: The findings of the following article are the sole opinions of the writer and should not be taken as investment advice
Litecoin has done well to recover from a broadening wedge setup on its chart. Following its decline, buyers re-entered the market around the $160-mark and pulled the price up from its weekly lows. The near-term outlook seemed to be bright once again as key indicators underwent some resets.
![Are good times for Litecoin [LTC] too good to last for long – AMBCrypto News](https://cryptohoarding.com/wp-content/uploads/2022/07/are-good-times-for-litecoin-ltc-too-good-to-last-for-long-ambcrypto-news-120x86.png)
Moreover, the alt could register sharper gains over the next 24 hours if it closes above an important resistance zone. At the time of writing, Litecoin was valued at $176, up by 6% over the last 24 hours.
Litecoin 4-hour chart
Source: LTC/USD, TradingView
The rebound from $162 saw successive green candles line up on LTC’s 4-hour chart. Two June swing highs – One at $180 and the other $185 – now presented the next challenge for Litecoin. A successful close above these levels would propel the alt towards its local high of $190, representing another 7% hike from LTC’s press time level.
On the contrary, a failed breakout attempt would likely see LTC move sideways just below the $180-level.
Reasoning
The indicators were quick to respond to a LTC’s reversal and presented a favorable tone. The MACD pictured a bullish crossover as buying pressure ramped up over the last few sessions.
The Relative Strength Index formed a double top, favored the bulls, and climbed back above 50. The Awesome Oscillator eyed a comeback above the half-line – Something that would present a buy signal to the market.
Conclusion
There was a lot to be optimistic about with respect to Litecoin’s near-term outlook with just a little downside. The best-case scenario would be a hike towards $190, in case the price closes above certain swing highs.
Conversely, some sideways action is also possible in case LTC’s immediate resistance level prevents further upside.
![Are good times for Litecoin [LTC] too good to last for long – AMBCrypto News](https://cryptohoarding.com/wp-content/uploads/2022/07/are-good-times-for-litecoin-ltc-too-good-to-last-for-long-ambcrypto-news-350x250.png)
