Litecoin has risen above the overhead resistance of $29.349 and the 20-day EMA. The pullback can now extend to $36.428. The downsloping 50-day SMA is just above this level. Therefore, we expect this to act as a major hurdle for the bulls.
The 20-day EMA has turned flat and the RSI has risen into the positive territory. This suggests that the short-term trend is changing. After such a long bear phase, we anticipate the LTC/USD pair to complete a bottom formation before starting a new uptrend.
A few days of range bound action is likely. Therefore, the short-term traders should book profits at regular intervals. Our assumption will be invalidated if the bears sink the virtual currency below $23.090.