LTC/USD are traded at 119.28 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 $7,799,692,315. 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 123.55 area. Where can we expect a rebound again and a continued decline in the Litecoin rate with a potential target below the level of 105.05.
Litecoin Forecast and LTC/USD Analysis July 20, 2021
A test of the downward trend line on the relative strength index (RSI) will be in favor of falling LTC/USD quotes. 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 130.55. 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 145.05. With the breakdown of the support area and closing of quotations below 110.05, we should expect confirmation of the development of a downward trend in Litecoin.
Litecoin Forecast and LTC/USD Analysis July 20, 2021 suggests an attempt to correct and test the resistance area near the level of 123.55. Where can we expect a rebound and the continuation of the fall in LTC/USD to the area below the level of 105.05. 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 130.55 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 145.05.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link