LTC/USD are trading at 105.34 and continue to move as part of the fall and the descending channel, here the “Triangle” pattern is being formed. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $7,336,267,234. Moving averages indicate a short-term bearish trend for Litecoin. Prices have gone down from the area between the signal lines down, which indicates pressure from sellers of the asset and a potential continuation of the fall already from current levels. At the moment, we should expect an attempt to develop a bullish correction in the value of the digital asset and a test of the resistance level near the area of 108.45. Where again is 75.05.
Litecoin Forecast and Analysis February 1, 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 Triangle model. Cancellation of the option of falling coins, a strong increase in the value of the asset and a breakdown of the area of 135.05. This will indicate a breakdown of the resistance area and continued growth of the cryptocurrency rate with a potential target above the level of 175.05. With the breakdown of the support area and the closing of quotes below the level of 90.05, we should expect confirmation of the development of a bearish trend for Litecoin.
Litecoin Forecast and Analysis February 1, 2022 suggests an attempt to correct and test the resistance area near the level of 108.45. 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 75.05. 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 135.05. This will indicate a continued rise in the cryptocurrency with a target above the level of 175.05.
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