LTC/USD are trading at 43.90 and continue to move as part of the correction and formation of the «Wolfe Wave» model. Litecoin cryptocurrency capitalization at the time of the publication of the forecast is $2 901 373 898. Moving averages indicate the presence of a short-term bullish trend in Litecoin. Prices push from the area between the signal lines up, which indicates pressure from buyers. 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 44.95. Where again we should expect a rebound and a continued fall in the rate of Litecoin with a potential target below 36.05.
Litecoin Forecast and LTC/USD Analysis April 29, 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 the completion of the formation of the bear model «Wolfe Wave». Cancellation of the fall option will be a strong growth and a breakdown of the 48.65 area. This will indicate a breakdown of the resistance area and an acceleration in the growth of the cryptocurrency rate with a potential target above 60.05. With the breakdown of the support area and closing of quotes below 41.55, we should expect confirmation of the development of a downward trend in Litecoin.
Litecoin Forecast and LTC/USD Analysis April 29, 2020 implies an attempt to correct and test the resistance area near the level of 44.95. Where can we expect a rebound and continued fall of LTC/USD to the area below the level of 36.05. 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 48.65 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 60.05.
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