LTC/USD are trading at 60.70 and continue to move as part of the correction and the formation of the “Wedge” reversal pattern. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $4,294,200,886. Moving averages indicate the presence of a short-term bullish trend for Litecoin. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of growth already from current levels. At the moment, we should expect an attempt to develop a rise in the value of the digital asset and a test of the resistance level near the area of 66.05. Whence again we should expect the continuation of the fall of the coin to the level of 47.05.
Litecoin Forecast and Analysis August 17, 2022
An additional signal in favor of lowering LTC/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the “Wedge” reversal pattern. Cancellation of the option of falling coins will be a strong increase in the value of the asset and a breakdown of the area of 73.25. This will indicate a breakdown of the resistance area and continued growth of the cryptocurrency rate with a potential target above the level of 85.05. With the breakdown of the support area and the closing of quotes below the level of 55.05, we should expect confirmation of the development of a bearish trend for Litecoin, which will indicate a breakdown of the lower boundary of the “Wedge” model.
Litecoin Forecast and Analysis August 17, 2022 suggests an attempt to correct and test the resistance area near the level of 66.05. Where should we expect a rebound and a continuation of the fall in the price of LTC/USD to the area below the level of 47.05. An additional signal in favor of Litecoin’s decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the area of 73.25. This will indicate a continued rise in the cryptocurrency with a target above the level of 85.05.
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