LTC/USD are traded at 43.45 and continue to move as part of the correction and the formation of the «Triangle» pattern. Cryptocurrency capitalization Litecoin at the time of the publication of the forecast is $2 843 950 158. Moving averages indicate a short-term bearish trend for Litecoin. Prices have broken the area between the signal lines upward, which indicates pressure from buyers of the asset and a potential continued growth. At the moment, we should expect an attempt to develop a bullish correction in the value of a digital asset and a test of the resistance level near the 44.05 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 36.75.
Litecoin Forecast and LTC/USD Analysis July 22, 2020
A test of the resistance line on the relative strength index (RSI) will be in favor of the fall in LTC/USD quotes. The second signal will be a rebound from the upper border of the «Triangle» pattern. Cancellation of the fall option will be a strong growth and a breakdown of the 47.05 area. This will indicate a breakdown of the resistance area and an acceleration in the growth of the cryptocurrency rate with a potential target above the level of 55.95. With the breakdown of the support area and closing of quotations below the level of 39.45, we should expect confirmation of the development of a downward trend in Litecoin.
Litecoin Forecast and LTC/USD Analysis July 22, 2020 suggests an attempt to correct and test the resistance area near the level of 44.05. Where can we expect a rebound and continued fall in LTC/USD to the area below the level of 36.75. 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 fall option will be a strong growth and a breakdown of the 47.05 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 55.95.
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