Litecoin LTC/USD closes the trading week at 47.18 and continues to move as part of the correction and the downward channel. Moving averages indicate a bearish trend. Prices are testing the area between the signal lines. This indicates pressure from the sellers of the digital asset and the potential continuation of the fall in the rate of Litecoin in the current trading week. At the moment, we should expect an attempt to develop a slight correction and test the resistance area near the level of 58.55. Where again we should expect a rebound and an attempt to start a fall in the value of Litecoin with a potential target below the level of 20.55.
Litecoin Forecast and Analysis May 4 — 8, 2020
An additional signal in favor of lowering LTC/USD quotes in the current trading week May 4 — 8, 2020 will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling digital asset Litecoin will be a strong price increase and a breakdown of the area of 75.00. This will indicate a breakdown of the upper border of the downward channel and a continuation of the rise in the LTC/USD rate above 115.05. A confirmation of the decline in cryptocurrency will be a breakdown of the support area and closing of quotes below the level of 35.05.
Litecoin Forecast and Analysis May 4 — 8, 2020 therefore, involve an attempt to test the resistance area near the level of 58.55. Then, the continuation of the fall to the area below the level of 20.55. An additional signal in favor of the fall of Litecoin will be a test of a downward 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 75.00. This will indicate a continued rise in the cryptocurrency with a target above the level of 115.05.
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