LTC/USD are traded at 62.67 and continue to move within the correction and the upward channel. As you can see, prices are trying to grow, but no good upward movement has taken place yet. Cryptocurrency capitalization Litecoin at the time of the publication of the forecast is $4 119 262 011. Moving averages indicate a short-term bullish trend for Litecoin. Prices bounced off the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of growth from current levels. At the moment, we should expect an attempt to develop a fall in the value of a digital asset and a test of the support level near the area of 57.15. Where can we expect a rebound again and continued growth in the Litecoin rate with a potential target above the level of 73.75.
Litecoin Forecast and LTC/USD Analysis August 21, 2020
A test of the support line on the relative strength index (RSI) will be in favor of raising the LTC/USD quotes. The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the growth option will be a fall and a breakdown of the 53.45 area. This will indicate a breakdown of the support area and an acceleration in the fall of the cryptocurrency rate with a potential target below the level of 45.05. With the breakdown of the resistance area and closing of quotations above the level of 69.95, we should expect confirmation of the development of an upward trend in Litecoin.
Litecoin Forecast and LTC/USD Analysis August 21, 2020 suggests an attempt to correct and test the support area near the level of 57.15. Where can we expect a rebound and continued growth in LTC/USD to the area above the level of 73.75. An additional signal in favor of Litecoin’s rise will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 53.45 area. This will indicate a continued decline in cryptocurrency with a target below 45.05.
