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Litecoin price analysis: could drop below $50 level

By Nathan Batchelor

09:29, 28 August 2020

Litecoin price analysis

Litecoin is starting to appear more bearish in the short term, as the cryptocurrency weakens below the $55 level.

Litecoin price analysis shows that the cryptocurrency may be preparing to drop below the $50 support area to attract fresh buying interest.

Litecoin medium-term price trend

Litecoin is turning lower alongside a number of other major coins as the cryptocurrency struggles to attract buying interest below the $60 level.

Litecoin technical analysis shows that the LTC/USD pair may perform a test of a former key breakout area below the $50 level.

The daily time frame shows that the LTC/USD pair staged a major technical breakout after moving above an important trendline last month.

Litecoin medium-term price trend

Technical analysis on the daily time frame shows that the key trendline in question is now located around the $47 level.

Weakness below the $50 support level may see the LTC/USD pair testing the key former breakout zone.

Oil - Crude

70.25 Price
-2.410% 1D Chg, %
Long position overnight fee 0.0060%
Short position overnight fee -0.0279%
Overnight fee time 22:00 (UTC)
Spread 0.030

BTC/USD

77,025.00 Price
+1.510% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

XRP/USD

0.56 Price
-0.260% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

Gold

2,684.48 Price
-0.820% 1D Chg, %
Long position overnight fee -0.0170%
Short position overnight fee 0.0088%
Overnight fee time 22:00 (UTC)
Spread 0.30

Bulls may look to enter from below the $50 level in anticipation of a powerful counter-rally, and further medium-term gains towards the $80 area.

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Litecoin short-term price trend

Litecoin technical analysis shows that the cryptocurrency has a bearish short-term bias while the price trades below the $57.50 level.

The four-hour time frame shows that a head-and-shoulders pattern has recently formed, following the reversal from the $69 level.

Litecoin short-term price trend

A sustained breakout under the neckline of the bearish pattern, around the $57.50 level, could see the LTC/USD pair moving sharply lower.

According to the size of the bearish pattern, the LTC/USD pair could fall towards the $45 area over the short term.

Litecoin technical summary 

Litecoin technical analysis shows that the cryptocurrency may fall below the $50 level if a bearish head-and-shoulders pattern is activated.

Markets in this article

LTC/USD
Litecoin / USD
73.22 USD
0.76 +1.050%

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