Nathan BatchelorLitecoin price analysis shows that the cryptocurrency is approaching a series of key resistance areas.
Litecoin medium-term price trend
Litecoin is starting to approach critical resistance, as the cryptocurrency receives a boost from the ongoing rally in altcoins.
Litecoin technical analysis shows that a breakout above the $56.00 level could cause the LTC/USD to rally towards the $80.00 region.
The LTC/USD pair currently faces strong resistance from its 200-day moving around the $50.00 level, and the April monthly high, just above the $51.00 level.
Once above this area, the LTC/USD pair faces resistance from the top of a triangle pattern, around the $56.00 level.
According to the size of the triangle pattern, the LTC/USD could rally towards the $80.00 level if a breakout above major trendline resistance takes place.
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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 $44.00 level.
The four-hour time frame shows that a bullish inverted head-and-shoulders pattern will take shape if price reaches the $50.00.
According to the size of the bullish pattern, the LTC/USD pair could rally towards the $61.00 level in the short term.
Watch out for a powerful breakout in the LTC/USD pair if price starts to settle above the $51.00 resistance level.
Litecoin technical summary
Litecoin technical analysis shows that price is approaching major technical resistance. The LTC/USD pair could rally towards the $61.00, and possibly even the $80.00 level.
