LTC/USD are traded at 245.34 and continue to move as part of the correction and the formation of the ”Wedge” model. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $16,729,875,309. Moving averages indicate a short-term bullish trend for Litecoin. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a correction in the value of a digital asset and a test of the support level near the 230.05 area. Where can we expect a rebound upward again and continued growth in the Litecoin rate with a potential target above the level of 325.05.
Litecoin Forecast and Analysis November 17, 2021
An additional signal in favor of raising the LTC/USD quotes will be a test of the bullish trend line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the Wedge pattern. Cancellation of the coin growth option will be a fall in the value of the asset and a breakdown of the 195.55 area. This will indicate a breakdown of the support area and a continued fall in the cryptocurrency rate with a potential target below 165.05. With the breakdown of the resistance area and the closing of quotations above the level of 280.55, we should expect confirmation of the development of the bullish trend in Litecoin and the beginning of the ”Wedge” model development.
Litecoin Forecast and Analysis November 17, 2021 suggests an attempt to correct and test the support area near the level of 230.05. Where can we expect a rebound and continued growth in the LTC/USD price to the area above the level of 325.05. An additional signal in favor of an increase in Litecoin will be a test of the trend line on the relative strength index (RSI). Cancellation of the upside option will be a fall and a breakdown of the 195.55 area. This will indicate a continued decline in cryptocurrency with a target below 165.05.
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