LTC/USD are trading at 44.18 and continue to move as part of the growth and the beginning of the development of the bullish «Wolfe Wave» model. Litecoin cryptocurrency capitalization at the time of the publication of the forecast is $2 907 331 979. Moving averages indicate the presence of a short-term downward trend in Litecoin. At the moment, we should expect an attempt to reduce the asset and test the support level near the area of 39.15. Where again we should expect a rebound and continued growth of the Litecoin rate with a potential target above the level of 58.65.
Litecoin Forecast and LTC/USD Analysis January 8, 2020
In favor of the growth of LTC/USD quotes, a test of the downward support line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower boundary of the «Wolfe Wave» model. Cancellation of the growth option will be a fall and a breakdown of the area of 29.55. This will indicate a breakdown of the support area and the acceleration of the fall of the cryptocurrency rate with a potential target below the level of 25.05. With the breakdown of the resistance area and the closing of quotations above the level of 46.95, we should expect confirmation of the development of an upward trend in Litecoin.
Litecoin Forecast and LTC/USD Analysis January 8, 2020 implies an attempt to correct and test the support area near the level of 39.15. Where can we expect a rebound and continued growth of LTC/USD to the area above the level of 58.65. An additional signal in favor of raising Litecoin 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 area of 29.55. This will indicate a continued decline in cryptocurrency with a target below the level of 25.05.
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