Litecoin price analysis: Working inside a rising price channel
Litecoin price analysis indicates that a major directional breakout will occur in the seventh-largest cryptocurrency by market cap once the $35.00 to $45.00 price range is breached.
Litecoin is continuing its recovery from the $25.00 area, with the seventh-largest cryptocurrency now approaching the $45.00 level.
Litecoin price analysis shows that the cryptocurrency is currently trading inside a rising price channel across the lower time frames.
Litecoin medium-term price trend
Litecoin is fast approaching the $45.00 level as altcoins continue their recovery after the major crypto market sell-off that took place between March 7 and 13.
In terms of gains, the LTC/USD pair has gained over 60 per cent from the March low, and is trading over 10 per cent higher on the week.
Litecoin technical analysis shows that bulls need to move price above the $55.00 level to change the LTC/USD pair’s medium-term trading bias.
The $55.00 level has long been a key trading pivot for the cryptocurrency and is also the LTC/USD pair’s key 200-day moving average.
Continued gains above the $40.00 level may see the LTC/USD pair advancing towards the $45.00 resistance level.
Failure to overcome the $45.00 level could result in a major sell-off towards the $36.50 and possibly $30.00 level.
Litecoin short-term price trend
Litecoin technical analysis shows that the cryptocurrency has a short-term bullish bias while trading above the $36.50 level.
The lower time frames show that the LTC/USD pair is currently working with a large rising price channel.
The bottom of the pattern is found at the $35.00 level, while the top is at the $45.00 level.
The size of the pattern implies that the LTC/USD pair could fall towards the $25.00 level if a bearish breakout occurs.
The upside projection of the pattern would take the LTC/USD pair towards its 200-day moving average, at $55.00.
Litecoin technical summary
Litecoin technical analysis is showing that the cryptocurrency is working within a large rising price channel. Gains towards the $55.00 level are possible if the $45.00 level is overcome.