Litecoin price analysis: turning bullish above $45.50
12:35, 14 July 2020
Litecoin is on the cusp of a major upside breakout, as the eight largest cryptocurrency by market capitalisation presses against long-term trendline resistance.
Litecoin price analysis shows that a move above the $45.50 level could cause the LTC/USD pair to surge towards the $60.00 level.
Litecoin medium-term price trend
Litecoin has been appearing increasingly bullish, following the recent strong recovery from the $39.00 area.
Litecoin technical analysis shows that the LTC/USD pair is pressing against long-term trendline resistance, around the $45.50 level
The daily time frame shows that the trendline is taken by attaching the 2019 and 2020 trading highs.
Traders should note that the LTC/USD pair could surge towards its 200-day moving average, around $49.50 level, and possibly the $60.00 level.
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Litecoin short-term price trend
Litecoin technical analysis shows that the cryptocurrency has a bullish short-term bias while the price trades above $44.00.
The four-hour time frame still shows that a bearish head-and-shoulders pattern is present, despite the recent recovery.
If bulls move the price above the $50.00 resistance level, then the bearish pattern will be invalidated.
According to the size of the bearish pattern, the LTC/USD pair could rally towards the $60.00 level, if the pattern is invalidated.
Litecoin technical summary
Litecoin technical analysis shows that a major bullish breakout will take place if LTC/USD bulls rally the cryptocurrency above the $45.50 level.