LTC/USD are traded at 54.65 and continue to move as part of the fall and the beginning of the development of the “Wedge” reversal pattern. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $4,048,290,871. Moving averages indicate the presence of a short-term bullish trend for Litecoin. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the asset and a potential continuation of the fall 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 57.45. Whence again we should expect the continuation of the fall of the coin to the level of 40.25.
Litecoin Forecast and Analysis August 23, 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 lower boundary of the “Wedge” reversal pattern. Cancellation of the coin’s fall option will be a strong increase in the value of the asset and a breakdown of the 73.05 area. 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 48.05, we should expect confirmation of the development of a bearish trend for Litecoin.
Litecoin Forecast and Analysis August 23, 2022 suggests an attempt to correct and test the resistance area near the level of 57.45. 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 40.25. 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 73.05. This will indicate a continued rise in the cryptocurrency with a target above the level of 85.05.
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