Litecoin price analysis: bullish above $63
Litecoin price analysis points to more gains in the LTC/USD pair if bulls move price above the $63.00 level. The $78.00 and $90.00 levels remain valid upside targets.
Litecoin has reversed sharply from just above the $50 level, hinting that buyers may start to challenge back towards the current 2020 trading high now that key medium-term support has held.
Litecoin technical analysis shows that the cryptocurrency could rally towards the $78 level if a breakout above the $63 level takes place this week.
Litecoin medium-term price trend
Litecoin technical analysis shows that the cryptocurrency is starting to receive buying interest again, after the pair reversed from just above the $50 level.
The $63 level appears to be key this week, as it marks the LTC/USD pair’s 200-day moving average, and the current 2020 trading high.
The daily time frame shows that a large reversal pattern is taking shape, with a breakout above the $63 level likely to spark the next up move in the cryptocurrency.
The mentioned time frame highlights the $78 and $98 levels as likely medium-term targets if bulls start to gain traction above the $63 level.
Overall, now that the $50 level has held the latest downside attack, traders should be aware that a breakout above the $63 level could spark a major rally in the LTC/USD pair this week.
Litecoin short-term price trend
Litecoin technical analysis over the short term shows that the cryptocurrency is bullish while trading above the $49 level.
A strong recovery has taken place from the $50.60 level over recent days, with the LTC/USD pair probing back towards the $60 level.
Short-term technical analysis is aligning with medium-term analysis, and confirms that a breakout above the $63 level would be extremely bullish.
A bearish head-and-shoulders pattern across the lower time frames would be invalidated if the LTC/USD pair rallied above the $63 level.
The invalidation target of the head-and-shoulders pattern would take the LTC/USD pair towards the $78 resistance level.
The size of the pattern still indicates that a decline towards the $45 level is possible over the short term, although the $50 level currently offers strong support.
Only sustained weakness below the $50 level would concern bulls at this stage, as the bearish head-and-shoulders pattern is still valid at current levels, and has a downside target of $46.
Litecoin technical summary
Litecoin technical analysis is showing that the next bullish phase in the cryptocurrency may begin if a breakout above the $63 resistance level takes place this week.