Litecoin LTC/USD ends the trading week at 70.91 and continues to move in correction. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of the digital asset and a potential continuation of the fall in the Litecoin rate during 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 67.45. 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 96.75.
Litecoin Forecast and Analysis July 29 — August 2, 2024
An additional signal in favor of an increase in LTC/USD quotes during the current trading week of July 29 — August 2, 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 “Head and Shoulders” reversal pattern. The cancellation of the growth option for the Litecoin digital asset will be a price drop and a breakout of the 48.05 area. This will indicate a breakout of support and a continuation of the fall in the LTC/USD rate below the level of 35.05. The growth of the cryptocurrency will be confirmed by a breakout of the resistance area and closing of quotes above the level of 78.05, which will indicate a breakout of the upper boundary of the descending channel and the beginning of the pattern with targets at the top.
Litecoin Forecast and Analysis July 29 — August 2, 2024 suggests an attempt to test the support area near the level of 67.45. Then, continued growth to the area above the level of 96.75. 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 drop in price and a breakout of the 48.05 area. This will indicate a continued decline in the cryptocurrency with a target below the level of 35.05.
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