LTC/USD are traded at 81.78 and continue to move as part of the correction and the formation of the “Triangle” pattern. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $5,395,793,840. Moving averages indicate a short-term bullish trend for Litecoin. However, prices went up from the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a correction in the value of a digital asset and a test of the support level near the area of 76.55. Where can we expect a rebound again and a continuation of the rise in the Litecoin rate with a potential target above the level of 101.95.
Litecoin Forecast and LTC/USD Analysis December 16, 2020
A test of the broken trend 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 rise option will be a fall in the value of the asset and a breakdown of the 65.05 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 55.05. With the breakdown of the resistance area and closing of quotes above the level of 88.75, we should expect confirmation of the development of the bullish trend in Litecoin and the beginning of the development of the “Triangle” model.
Litecoin Forecast and LTC/USD Analysis December 16, 2020 suggests an attempt to correct and test the support area near the level of 76.55. Where can we expect a rebound and continued growth in LTC/USD to the area above the level of 101.95. 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 65.05 area. This will indicate a continued decline in cryptocurrency with a target below 55.05.
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