LTC/USD are trading at 45.05 and continue to move as part of the bullish correction and the downward channel. Litecoin cryptocurrency capitalization at the time of the publication of the forecast is $2 935 759 780. Moving averages indicate the presence of a short-term bearish trend in Litecoin. Prices have pierced the area between the signal lines up, which indicates pressure from the buyers of the asset. At the moment, we should expect an attempt to continue the correction of the value of the digital asset and a test of the resistance level near the area of 46.25. Where again we should expect a rebound and continued decline in the rate of Litecoin with a potential target below the level of 37.85.
Litecoin Forecast and LTC/USD Analysis July 9, 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 49.55. 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 57.05. With the breakdown of the support area and closing of quotes below 39.85, we should expect confirmation of the development of a downward trend in Litecoin.
Litecoin Forecast and LTC/USD Analysis July 9, 2020 implies an attempt to correct and test the resistance area near the level of 46.25. Where can we expect a rebound and continued fall of LTC/USD to the area below the level of 37.85. 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 49.55. This will indicate a continued rise in the cryptocurrency with a target above the level of 57.05.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link