Litecoin LTC/USD ends the trading week at 61.21 and continues to move within the growth and upward channel. However, prices are testing the upper border for the second time and there is no breakdown yet. Moving averages indicate a bullish trend. Prices broke through the area between the signal lines upwards. This indicates pressure from buyers of the digital asset and a potential continuation of the rise in the Litecoin rate in the current trading week. At the moment, we should expect an attempt to develop a minor correction and a test of the support area near the level of 44.25. Where can we expect a rebound again and an attempt to start the growth in the value of Litecoin with a potential target above the level of 120.55.
Litecoin Forecast and Analysis August 24 — 28, 2020
An additional signal in favor of the growth of LTC/USD quotes in the current trading week of August 24 — 28, 2020 will be a test of the rising trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the option to raise the Litecoin digital asset will be a fall in prices and a breakdown of the 37.05 area. This will indicate a breakdown of the support area and a continued fall in the LTC/USD rate below the level of 25.65. Confirmation of the rise in cryptocurrency will be a breakdown of the resistance area and closing of quotations above the level of 68.55.
Litecoin Forecast and Analysis August 24 — 28, 2020 implies an attempt to test the support area near the 44.25 level. Then, continued growth to the area above the level of 120.55. An additional signal in favor of Litecoin’s rise will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 37.05 area. This will indicate a continued decline in cryptocurrency with a target below 25.65.
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