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Litecoin price analysis: gains expected above $47

By Nathan Batchelor

19:02, 2 October 2020

Litecoin price analysis

Litecoin is attempting to move above critical resistance, despite the cryptocurrency suffering its largest monthly loss in six months.

Litecoin price analysis shows gains above the $47 resistance zone could provoke a major rally towards the psychological $50 level.

Litecoin medium-term price trend

Litecoin is starting to recover higher, after sellers failed to break the technically important $44 support level earlier this week.

Litecoin technical analysis shows that the LTC/USD pair may be preparing to move back inside a large symmetrical triangle pattern.

Litecoin technical analysisThe daily time frame shows that the cryptocurrency fell towards the $41.50 area earlier this month, after sellers broke below a symmetrical triangle pattern.

According to technical analysis, if the LTC/USD pair can move back above its 200-day moving average, around the $47 level, then bulls may test towards the bottom of the triangle pattern.

Technical analysis highlights that the bottom of the triangle pattern is currently located around the $51 resistance level.

To the downside, failure to move the price above the $47 area could result in the LTC/USD pair testing back towards the $44 area.

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BTC/USD

98,326.05 Price
+4.020% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

XRP/USD

1.21 Price
+8.450% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

Gold

2,669.88 Price
+0.730% 1D Chg, %
Long position overnight fee -0.0175%
Short position overnight fee 0.0093%
Overnight fee time 22:00 (UTC)
Spread 0.60

US100

20,708.60 Price
+0.290% 1D Chg, %
Long position overnight fee -0.0241%
Short position overnight fee 0.0019%
Overnight fee time 22:00 (UTC)
Spread 7.0

Litecoin short-term price trend

Litecoin technical analysis shows that the cryptocurrency has a bearish short-term bias while the price trades below $47.

The four-hour time frame shows that a bearish head-and-shoulders pattern is currently looming over the LTC/USD pair.

Litecoin technical analysisTechnical analysis highlights that the pattern remains valid while the price trades below the $47 resistance level. 

If bulls invalidate the pattern, then the LTC/USD pair could rally towards the $51 area over the short-term.

To the downside, a break under the neckline of the pattern, around the $44 level, could see the LTC/USD pair falling towards the $41 area.

Litecoin technical summary 

Litecoin technical analysis highlights that the cryptocurrency could rally towards the $51 area if the $47 resistance level is overcome.

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