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.
The 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.
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.
Technical 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.