LTC/USD are trading at 58.54 and continue to move as part of the decline and the formation of the «Wedge» model. Litecoin cryptocurrency capitalization at the time of the publication of the forecast is $3 829 243 505. Moving averages indicate the presence of a short-term bearish trend in Litecoin. Prices have gone far from the area between the signal lines down, which indicates pressure from sellers. At the moment, we should expect an attempt to reduce the value of the digital asset and test the support level near the 51.65 area. Where again we should expect a rebound and continued growth of the Litecoin rate with a potential target above 78.95.
Litecoin Forecast and LTC/USD Analysis March 5, 2020
In favor of the growth of LTC/USD quotes, a test of the support line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the growth option will be a fall and a breakdown of the 48.55 area. This will indicate a breakdown of the support area and the acceleration of the cryptocurrency rate drop with a potential target below the level of 40.05. With a breakdown of the upper boundary of the «Wedge» model and closing quotes above 64.95, we should expect confirmation of the development of an upward trend in Litecoin.
Litecoin Forecast and LTC/USD Analysis March 5, 2020 implies an attempt to correct and test the support area near the level of 51.65. Where can we expect a rebound and continued growth of LTC/USD to the area above the level of 78.95. An additional signal in favor of raising Litecoin will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 48.55 area. This will indicate a continued decline in cryptocurrency with a target below the level of 40.05.
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