LTC/USD are trading at 43.16 and continue to move as part of the fall and the rising channel. Litecoin cryptocurrency capitalization at the time of the publication of the forecast is $2 807 285 176. Moving averages indicate the presence of a short-term bullish trend in Litecoin. Prices pierced the area between the signal lines down, which indicates pressure from the sellers of the asset and the potential continuation of the fall. At the moment, we should expect an attempt to continue the development of the correction of the value of the digital asset and a test of the resistance level near the area of 43.85. Where again we should expect a rebound and a continued fall in the rate of Litecoin with a potential target below the level of 38.65.
Litecoin Forecast and LTC/USD Analysis July 16, 2020
In favor of falling LTC/USD quotes, a test of the resistance line on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the fall option will be a strong growth and a breakdown of the area of 45.55. This will indicate a breakdown of the resistance area and an acceleration of the growth of the cryptocurrency rate with a potential target above the level of 55.05. With the breakdown of the support area and closing of quotes below 41.05, we should expect confirmation of the development of a downward trend in Litecoin.
Litecoin Forecast and LTC/USD Analysis July 16, 2020 implies an attempt to correct and test the resistance area near the level of 43.85. Where can we expect a rebound and the continuation of the fall of LTC/USD to the area below the level of 38.65. An additional signal in favor of reducing Litecoin will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the area of 45.55. This will indicate a continued rise in the cryptocurrency with a target above the level of 55.05.
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