LTC/USD are trading at 37.76 and continue to move as part of the fall and the downward channel. Litecoin cryptocurrency capitalization at the time of the publication of the forecast is $2 439 895 826. Moving averages indicate the presence of a short-term bearish trend for Litecoin. Prices are testing the area between the signal lines down, which indicates pressure from sellers and a potential drop already from current levels. At the moment, we should expect an attempt to increase the value of the digital asset and test the resistance level near the area of 42.55. Where again we should expect a rebound and a continued fall in the rate of Litecoin with a potential target below the level of 16.55.
Litecoin Forecast and LTC/USD Analysis March 24, 2020
In favor of lowering the 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 50.55. This will indicate a breakdown of the resistance area and an acceleration in the growth of the cryptocurrency rate with a potential target above 65.00. With the breakdown of the support area and closing of quotes below the level of 27.05, we should expect confirmation of the development of an upward trend in Litecoin.
Litecoin Forecast and LTC/USD Analysis March 24, 2020 implies an attempt to correct and test the resistance area near the level of 42.55. Where can we expect a rebound and the continuation of the fall of LTC/USD to the area below the level of 16.55. 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 reduction option will be a strong growth and a breakdown of the area of 50.55. This will indicate a continued rise in the cryptocurrency with a target above the level of 65.00.
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