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Litecoin : More upside expected

By Nathan Batchelor

Litecoin is starting to appear bullish. Watch out for a rally in the LTC/USD pair towards the $60.00 level.

Litecoin has had a solid upside recovery over days, after slumping towards the $36.00 support level last month.

Litecoin technical analysis shows that the cryptocurrency could rally towards the $60.00 area before staging a minor technical pullback.

Litecoin medium-term price trend

Litecoin technical analysis shows that the cryptocurrency is technically bearish while trading below the $68.00 resistance level.

Bulls would ideally need to rally the LTC/USD pair above the $68.00 level to encourage the notion that a major technical bottom was formed last month.

The bullish moves spreading through the altcoin space and the recent recovery in Bitcoin are all positive signs for Litecoin.

The daily time frame shows that a bullish reversal pattern may start to take shape if buyers can rally the cryptocurrency towards the $66.00 level.

It is also noteworthy that buyers are holding the LTC/USD pair above its 50-day moving average for the first time since November of last year.

Litecoin short-term price trend

Litecoin technical analysis over the short term shows that the cryptocurrency is bullish while price trades above the $43.00 level.

The four-hour time frame shows that a bullish inverted head and shoulders pattern has formed, with the neckline of pattern located around the $49.00 level.

The size of the pattern indicates that a rally towards the $60.00 level is possible over the short term, although an over-extension towards the $63.00 level is possible.

Traders should also be mindful that the $50.00 level is also acting as a major trading pivot for LTC/USD pair.

Further short-term upside for Litecoin now appears likely over the short term.

Litecoin technical summary

Litecoin is starting to appear bullish over the short-term and also the medium-term. A rally above the $60.00 level may be forthcoming.

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