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Litecoin price analysis: bears struggle to break key support

By Nathan Batchelor

11:40, 7 July 2020

Litecoin price analysis

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.

Litecoin price analysis

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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XRP/USD

0.63 Price
+2.610% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

ETH/USD

3,559.03 Price
+1.320% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

BTC/USD

70,753.35 Price
+2.660% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

US100

18,251.70 Price
-0.170% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 21:00 (UTC)
Spread 1.8

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. 

Litecoin price analysis

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.

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