LTC/USD are traded at 41.56 and continue to move within the fall and the ascending channel. Cryptocurrency capitalization Litecoin at the time of the publication of the forecast is $2 726 481 889. Moving averages indicate a short-term bearish trend for 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 develop a correction in the value of a digital asset and a test of the resistance level near the 42.55 area. Where can we expect a rebound again and the continuation of the fall in the Litecoin rate with a potential target below the level of 37.55.
Litecoin Forecast and LTC/USD Analysis July 17, 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 45.05 area. 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 17, 2020 suggests an attempt to correct and test the resistance area near the level of 42.55. Where can we expect a rebound and continued decline in LTC/USD to the area below the level of 37.55. 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 45.05 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 55.05.
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