Litecoin price analysis: upside breakout has just began
12:33, 30 July 2020
Litecoin has staged a powerful upside breakout, as the top altcoins started to move higher alongside Bitcoin earlier this week.
Litecoin price analysis shows that the cryptocurrency could be preparing to rally towards the $85 resistance level.
Litecoin medium-term price trend
Litecoin has finally staged an upside technical breakout on the daily time frame after weeks of depressed trading action.
Litecoin technical analysis shows that the LTC/USD pair has turned technically bullish and could test towards the $85 level over the medium term.
The daily time frame shows that the LTC/USD pair has cleared major trendline resistance, and also its 200-day moving average, during the recent advance.
Bulls may be preparing to rally the LTC/USD pair towards the current 2020 trading high, around the $85 resistance level.
Traders should note that a massive inverted head-and-shoulders pattern, with more than $50 of upside potential will form if the LTC/USD pair reaches $85.
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Litecoin short-term price trend
Litecoin technical analysis shows that the cryptocurrency has a strong bullish short-term bias while the price trades above the $49 level.
The lower time frames currently show that a bearish head-and-shoulders pattern has been invalidated.
LTC/USD bulls have already rallied the cryptocurrency towards the invalidation target, around the $60 level.
Traders are likely to buy any dips in price towards the $51 area, in anticipation of a coming rally towards the $80.
Litecoin technical summary
Litecoin technical analysis shows that bulls may be preparing to rally the cryptocurrency towards the 2020 trading high, around the $85 resistance level.
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