LTC/USD are traded at 140.57 and continue to move as part of the correction and the formation of an upward ”Wolfe Wave” pattern. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $9,510,475,227. Moving averages indicate a short-term bearish trend for Litecoin. However, prices have broken through the area between the signal lines upward, which indicates pressure from the buyers of the asset and a potential continuation of the rise 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 126.75. 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 167.55.
Litecoin Forecast and LTC/USD Analysis February 3, 2021
A test of the 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 upper border of the ”Wolfe Wave” pattern. Cancellation of the rise option will be the fall in the asset value and the breakdown of the 110.05 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 80.55. With the breakdown of the resistance area and closing of quotations above the level of 150.05, we should expect confirmation of the development of a bullish trend in Litecoin.
Litecoin Forecast and LTC/USD Analysis February 3, 2021 suggests an attempt to correct and test the support area near the level of 126.75. Where can we expect a rebound and continued growth in LTC/USD to the area above the level of 167.55. 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 110.05 area. This will indicate a continued decline in cryptocurrency with a target below 80.55.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
