Litecoin LTC/USD ends the trading week at 55.10 and continues to move as part of the correction and the formation of the “Triangle” pattern. Moving averages indicate a bearish trend. However, prices broke through the area between the signal lines upwards. This indicates pressure from buyers of the digital asset and the potential continued growth of the Litecoin rate in the current trading week. At the moment, we should expect an attempt to develop growth and test the resistance area near the level of 61.55. Where can we expect a rebound again and an attempt to start a fall in the value of Litecoin with a potential target below the level of 25.05.
Litecoin Forecast and Analysis October 26 — 30, 2020
An additional signal in favor of a decrease in LTC/USD quotes in the current trading week of the week of October 26 — 30, 2020 will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the “Triangle” pattern. Cancellation of the option to drop the Litecoin digital asset will be a strong rise in prices and a breakdown of the 73.05 area. This will indicate a breakdown of the resistance area and continued growth of the LTC/USD rate above the level of 95.05. Confirmation of the fall of the cryptocurrency will be a breakdown of the support area and closing of quotations below 35.05, which will indicate a breakdown of the lower boundary of the “Triangle” model and the beginning of its development.
Litecoin Forecast and Analysis October 26 — 30, 2020 implies an attempt to test the resistance area near the 61.55 level. Then, the continuation of the fall to the area below the level of 25.05. An additional signal in favor of a decline in Litecoin 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 73.05 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 95.05.
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