LTC/USD are trading at 126.41 and continue to move as part of the correction and the formation of the Head and Shoulders reversal pattern. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $8,778,784,244. 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 downward correction in the value of the digital asset and a test of the support level near the area of 115.05. Whence again we should expect the continuation of the growth of the coin to the level of 185.05.
Litecoin Forecast and Analysis February 16, 2022
An additional signal in favor of the growth of LTC/USD quotes will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the Head and Shoulders reversal pattern. Cancellation of the growth option of the coin, the fall in the value of the asset and the breakdown of the area of 105.05. This will indicate a breakdown of the support area and a continued fall in the cryptocurrency rate with a potential target below the level of 75.05. With the breakdown of the resistance area and the closing of quotes above the level of 155.05, we should expect confirmation of the development of the bullish trend for Litecoin and the beginning of the reversal pattern.
Litecoin Forecast and Analysis February 16, 2022 suggests an attempt to correct and test the support area near the level of 115.05. Where should we expect a rebound and continued growth in the price of LTC/USD to the area above the level of 185.05. An additional signal in favor of the rise of Litecoin 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 area of 105.05. This will indicate a continued decline in the cryptocurrency with a target below the level of 75.05.
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