LTC/USD are traded at 140.62 and continue to move as part of the correction and the formation of the “Wedge” reversal pattern. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $9,296,343,546. Moving averages indicate a short-term bearish trend for Litecoin. Prices have broken the area between the signal lines upwards, 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 resistance level near the area of 145.05. Where can we expect a rebound again and a continued decline in the Litecoin rate with a potential target below the level of 95.55.
Litecoin Forecast and LTC/USD Analysis July 1, 2021
In favor of falling LTC/USD quotes, a test of the downward trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option to reduce the coin will be a strong increase in the value of the asset and a breakdown of the area of 160.55. This will indicate a breakdown of the resistance area and a continued rise in the cryptocurrency rate with a potential target above the level of 205.05. With the breakdown of the support area and closing of quotations below the level of 135.05, we should expect confirmation of the development of a downward trend in Litecoin and a breakdown of the lower boundary of the ”Wedge” model.
Litecoin Forecast and LTC/USD Analysis July 1, 2021 suggests an attempt to correct and test the resistance area near the level of 145.05. Where can we expect a rebound and the continuation of the fall in LTC/USD to the area below the level of 95.55. An additional signal in favor of a decline in Litecoin will be a test of the trend line on the relative strength index (RSI). Cancellation of the reduction option will be a strong growth and a breakdown of the 160.55 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 205.05.
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