Litecoin price analysis: bears struggle to break key support
11:40, 7 July 2020
Litecoin could start to rebound higher this week, after bears repeatedly struggle to breach the technical important $38.50 support level.
Litecoin price analysis shows that a strong counter rally will begin if bulls move the price above the $50 level.
Litecoin medium-term price trend
Litecoin is starting to appear more bullish as sellers struggle to breach the former monthly trading low last week.
Litecoin technical analysis shows that the $60 level remains the medium-term upside target for LTC/USD bulls if a counter-rally begins.
The daily time frame shows that the cryptocurrency will break above a long-term falling wedge pattern if the price moves above the $44 level.
According to the size of the falling wedge pattern, the LTC/USD pair could rally towards the $60 level, at a minimum.
Traders should note that the LTC/USD pair’s 200-day moving average, around $49.50 level, offers the strongest of technical resistance above the $44 level.
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Litecoin short-term price trend
Litecoin technical analysis shows that the cryptocurrency only has a bullish short-term bias while the price trades above the $44 level.
The four-hour time frame continues to show that a bearish head-and-shoulders pattern continues to loom over the LTC/USD pair.
According to the size of the bearish pattern, the LTC/USD pair could fall towards the $27 level, if the $38.50 support level is broken.
Traders should note that bulls need to move the price above the $50 level to invalidate the bearish pattern.
If the LTC/USD pair moves above the $50 level then a powerful rally towards the $62 level may occur.
Litecoin technical summary
Litecoin technical analysis shows that downside pressure is starting to subside. A move above the $44 level is required to encourage fresh LTC/USD technical buying.