Litecoin technical analysis: LTC/USD bullish and bearish short-term scenarios

• Litecoin price manages to stay above $50 but bears retain most of the influence.
• A newly formed supply zone at $55 – $56 hinders growth towards the critical $60.

Spot rate: $53.45

Relative change: -0.025631

Percentage change: -0.04%

Trend: Bearish

Volatility: High

LTC/USD daily chart

The forming rectangle pattern suggests two scenarios for Litecoin’s next move. A break above the pattern resistance at $60 will catapult towards $80 and $100 respectively. However, the break of the pattern support at $50 could see LTC/USD refresh levels around $230.

LTC/USD 240-minutes chart

Litecoin’s upward movement hindered by the descending trendline resistance, the 50 Simple Moving Average (SMA) and the 100 SMA.

$50 -$52 zone continues to function as key support.

LTC/USD 60-mins chart

Litecoin is trading below the short-term trendline support after the resistance at $55 – $56 became too unbearable for the bulls to bare.