LTC/USD are traded at 130.35 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 $8,626,684,949. Moving averages indicate a short-term bearish 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 correction in the value of a digital asset and a test of the support level near the 112.55 area. 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 160.05.
Litecoin Forecast and LTC/USD Analysis January 29, 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 lower boundary of the “Wolfe Wave” pattern. Cancellation of the rise option will be a fall in the value of the asset and a breakdown of the area of 100.85. This will indicate a breakdown of the support area and an acceleration in the fall of the cryptocurrency rate with a potential target below 75.05. With the breakdown of the resistance area and closing of quotations above the level of 140.55, we should expect confirmation of the development of a bullish trend in Litecoin.
Litecoin Forecast and LTC/USD Analysis January 29, 2021 suggests an attempt to correct and test the support area near the level of 112.55. Where can we expect a rebound and continued growth in LTC/USD to the area above the level of 160.05. 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 100.85 area. This will indicate a continued decline in cryptocurrency with a target below 75.05.
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