LTC/USD are trading at 206.23 and continue to move within a strong fall and a downward channel. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $14,031,872,555. 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 bullish correction in the value of a digital asset and a test of the resistance level near the area of 245.05. 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 95.05.
Litecoin Forecast and LTC/USD Analysis May 20, 2021
A test of the 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 bearish channel. Cancellation of the reduction option will be a strong growth in the value of the asset and a breakdown of the 285.05 area. This will indicate a breakdown of the resistance area and an acceleration of the rise in the cryptocurrency rate with a potential target above the level of 395.05. With the breakdown of the support area and closing of quotations below the level of 175.05, we should expect confirmation of the development of a downward trend in Litecoin.
Litecoin Forecast and LTC/USD Analysis May 20, 2021 suggests an attempt to correct and test the resistance area near the level of 245.05. Where can we expect a rebound and the continuation of the fall in LTC/USD to the area below the level of 95.05. 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 fall option will be a strong growth and a breakdown of the 285.05 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 395.05.
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