LTC/USD quotes are traded at 160.74 and continue to move as part of the correction and the downward channel. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $11,244,376,721. Moving averages indicate a short-term bearish trend for Litecoin. Prices went down from the area between the signal lines, which indicates pressure from the sellers of the asset and a potential continuation of the fall from the current levels. At the moment, we should expect an attempt to develop a bullish correction in the value of a digital asset and a test of the resistance level near the area of 175.05. Where can we expect a rebound down again and the continuation of the fall in the Litecoin rate with a potential target below the level of 110.05.
Litecoin Forecast and Analysis December 8, 2021
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 descending channel. Cancellation of the coin drop option, a strong growth in the fall in the value of the asset and the breakdown of the 205.55 area. This will indicate a breakdown of the resistance area and continued growth in the cryptocurrency rate with a potential target above the level of 265.05. With the breakdown of the resistance area and closing of quotations above the level of 130.05, we should expect confirmation of the development of a bearish trend in Litecoin.
Litecoin Forecast and Analysis December 8, 2021 implies an attempt to correct and test the resistance area near the level of 175.05. Where can we expect a rebound and the continuation of the fall in the LTC/USD price to the area below the level of 110.05. An additional signal in favor of a decline in Litecoin 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 205.55 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 265.05.
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