LTC/USD are trading at 42.01 and continue to move as part of the correction and the upward channel. Litecoin cryptocurrency capitalization at the time of the publication of the forecast is $2 762 613 261. Moving averages indicate the presence of a short-term bearish trend for Litecoin. Prices are testing the area between the signal lines, which indicates pressure from sellers and the potential continuation of the fall already from current levels. At the moment, we should expect an attempt to increase the value of the digital asset and test the resistance level near the area of 45.05. Where again we should expect a rebound and a continued fall in the rate of Litecoin with a potential target below the level of 24.05.
Litecoin Forecast and LTC/USD Analysis April 21, 2020
In favor of falling LTC/USD quotes, a test of the resistance line on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper boundary of the ascending channel. Cancellation of the fall option will be a strong growth and a breakdown of the area of 55.05. This will indicate a breakdown of the resistance area and an acceleration in the growth of the cryptocurrency rate with a potential target above the level of 65.05. With the breakdown of the support area and closing of quotes below the level of 33.05, we should expect confirmation of the development of the downward trend in Litecoin, which will indicate the completion of the formation of the head and shoulders reversal pattern.
Litecoin Forecast and LTC/USD Analysis April 21, 2020 implies an attempt to correct and test the resistance area near the level of 45.05. Where can we expect a rebound and the continuation of the fall of LTC/USD to the area below the level of 24.05. An additional signal in favor of reducing 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 area of 55.05. This will indicate a continued rise in the cryptocurrency with a target above the level of 65.05.
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