Litecoin LTC/USD ends the trading week at 69.06 and continues to move in correction and the formation of the reversal pattern “Head and Shoulders”. Moving averages indicate the presence of a bearish trend. Prices have broken through the area between the signal lines downwards, this indicates pressure from sellers of the digital asset and a potential continuation of the fall in the Litecoin rate in the current trading week. At the moment, we should expect an attempt to develop a bearish price correction and a test of the support area near the level of 65.05. From where we should again expect an upward rebound and an attempt to continue the growth of the Litecoin value with a potential target above the level of 98.90.
Litecoin Forecast and Analysis August 5 — 9, 2024
An additional signal in favor of an increase in LTC/USD quotes in the current trading week of August 5 — 9, 2024 will be a test of the support line on the relative strength indicator. The second signal will be a rebound from the lower border of the reversal pattern “Head and Shoulders”. The cancellation of the growth option for the Litecoin digital asset will be a fall in price and a breakout of the 52.05 area. This will indicate a breakout of support and a continuation of the fall of the LTC/USD rate below the level of 37.65. The growth of the cryptocurrency will be confirmed by a breakout of the resistance area and closing of quotes above the level of 74.05, which will indicate a breakout of the upper border of the descending channel and the beginning of the pattern with targets at the top.
Litecoin Forecast and Analysis August 5 — 9, 2024 suggests an attempt to test the support area near the level of 65.05. Then, continued growth to the area above the level of 98.90. An additional signal in favor of the rise of Litecoin will be a test of the trend line on the relative strength indicator. The cancellation of the growth option will be a fall in price and a breakout of the 52.05 area. This will indicate a continuation of the decline of the cryptocurrency with a target below the level of 37.65.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
