Crypto Technicals: LTC/USD holds cloud support, shows signs of upside resumption

LTC/USD chart - Trading View 

Exchange - Coinbase

Technical Analysis: Bias Neutral    

GMMA Indicator: Major Trend - Bullish; Minor Trend - Turning slightly bullish

Overbought/ Oversold Index: Neutral

Volatility: High

Support: 54.88 (5-DMA); Resistance: 62.40 (200-DMA)

LTC/USD was trading largely muted on the day at 56.34 at around 09:35 GMT.

The pair is struggling to extend previous session's rally, finds stiff resistance at 55W EMA at 56.74.

Price action has bounced off daily cloud support and has retraced above 200H MA.

Major and minor trend as evidenced by GMMA indicator are biased higher. Scope for upside.

The pair finds strong resistance at 21W EMA at 56.72. Break above will see gains till 200-DMA at 62.40.

200-DMA breakout will support a sustained upside.Next bull target aligns at 38.2% Fib at 77.95.

21-EMA is strong support at 53.55. Break below negates near-term upside bias.