Litecoin price analysis: $50.00 key breakout level
Litecoin price analysis highlights that the cryptocurrency is trapped within a large triangle pattern. The $60.00 and $80.00 levels are seen as possible medium-term bullish targets.
The trend for Litecoin remains fairly uncertain over the short and medium term, as the seventh-largest cryptocurrency by market capitalisation struggles to find a directional bias.
Litecoin price analysis shows that a breakout above the $50.00 resistance level could cause a surge higher towards the $60.00 level.
Litecoin medium-term price trend
Litecoin remains trapped between the $40.00 to $50.00 level, following a series of false upside and downside breakouts.
Litecoin technical analysis shows that a bullish breakout towards the $60.00 level may take place if price holds above the $50.00 level.
Looking at the bigger picture, price is trapped inside a large triangle pattern, between the $41.00 and $60.00 levels.
According to the size of the triangle pattern, the LTC/USD pair could surge towards the $80.00 level if a bullish breakout from the triangle occurs.
It is worth noting that the LTC/USD pair remains technically bearish, and trapped below its 200-day moving average while price trades below the $51.00 level.
Litecoin short-term price trend
Litecoin technical analysis shows that the cryptocurrency only has a bullish short-term bias while price trades above the $44.00 level.
The four-hour time frame shows that a bullish inverted head and shoulders pattern is starting to unfold.
According to the size of the bullish pattern, the LTC/USD pair could rally towards $57.00 level over the short term.
Watch out for a strong short-term rally in the LTC/USD pair if price starts to hold above the neckline of the pattern, around the $47.00 level.
Litecoin technical summary
Litecoin technical analysis shows that a bullish reversal pattern is forming. The $60.00 and $80.00 levels remain possible medium-term bullish targets for the LTC/USD pair.