LTC/USD are traded at 124.64 and continue to move as part of a decline and a downward channel. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $8,334,652,284. Moving averages indicate a short-term bearish trend for Litecoin. Prices went down from the area between the signal lines, 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 rise in the value of a digital asset and a test of the resistance level near the 135.05 area. Where can we expect a rebound again and a continued decline in the Litecoin rate with a potential target below 110.05.
Litecoin Forecast and LTC/USD Analysis July 16, 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 143.55. 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 155.05. With the breakdown of the support area and closing of quotations below the level of 115.05, we should expect confirmation of the development of a downward trend in Litecoin.
Litecoin Forecast and LTC/USD Analysis July 16, 2021 suggests an attempt to correct and test the resistance area near the level of 135.05. Where can we expect a rebound and the continuation of the fall in LTC/USD to the area below the level of 110.05. 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 143.55 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 155.05.
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