LTC/USD are traded at 54.49 and continue to move within the correction and the ascending channel. Cryptocurrency capitalization Litecoin at the time of the publication of the forecast is $3 608 370 849. Moving averages indicate a short-term bullish trend for Litecoin. Prices broke through the area between the signal lines downward, which indicates pressure from the sellers of the asset and a potential continuation of the fall from the current levels. At the moment, we should expect an attempt to develop a continuation of the fall in the value of a digital asset and a test of the support level near the 51.95 area. Where can we expect a rebound again and continued growth in the Litecoin rate with a potential target above the level of 67.55.
Litecoin Forecast and LTC/USD Analysis August 28, 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 47.05 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 40.05. With the breakdown of the resistance area and closing of quotations above the level of 62.55, we should expect confirmation of the development of an upward trend in Litecoin.
Litecoin Forecast and LTC/USD Analysis August 28, 2020 suggests an attempt to correct and test the support area near the level of 51.95. Where can we expect a rebound and continued growth in LTC/USD to the area above the level of 67.55. 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 47.05 area. This will indicate a continued decline in cryptocurrency with a target below 40.05.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
