Litecoin price analysis: $60.00 test still possible
13:10, 16 April 2020
Litecoin is starting to consolidate around the $40.00 level as buyers and sellers battle for control of the seventh-largest cryptocurrency.
Litecoin price analysis shows that the cryptocurrency could test towards the $60.00 level if buyers can move price above the $47.00 resistance level.
Litecoin medium-term price trend
Litecoin is starting to trade in a narrow price range around the $40.00 level as the cryptocurrency struggles to find a clear short-term directional bias.
A lack of selling interest below the $40.00 support level is helping to keep the bull case alive, following the early month rally from the $37.00 level.
Litecoin technical analysis shows that if bulls move price above the $47.00 resistance level the LTC/USD pair could advance towards the $65.00 level.
The key upside level over the medium term that bulls need to overcome is the current monthly high, around the $47.00 level.
Once above the $47.00 level, the LTC/USD pair’s key 200-day moving average is key resistance, around the $52.00 level.
Looking at the downside, a sustained loss of the $37.00 level could prompt a test of the $33.00 and possibly the $30.00 support level.
What is your sentiment on EA?
Litecoin short-term price trend
Litecoin technical analysis shows that the cryptocurrency has a short-term bullish bias while trading above the $39.50 level.
Last week the LTC/USD pair turned technically bullish over the short term for the first time since 25 February this year.
The four-hour time frame is showing that a head and shoulders pattern has formed, with a $13.00 downside projection.
If bulls can move price above the $47.00 resistance level the bearish pattern will be invalidated.
The invalidation target of the pattern implies that the LTC/USD pair could rally towards the $60.00 level if a bullish breakout occurs.
Litecoin technical summary
Litecoin technical analysis is showing that the cryptocurrency needs to break above the $47.00 level. Gains above the $47.00 level could prompt a rally towards the $60.00 level.
Markets in this article