LTC/USD are trading at 43.39 and continue to move as part of the correction and the formation of the «Head and Shoulders» reversal pattern. Litecoin cryptocurrency capitalization at the time of the publication of the forecast is $2 842 422 570. Moving averages indicate the presence of a short-term bearish trend in Litecoin. Prices pierced the area between the signal lines down, which indicates pressure from sellers. 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 46.45. Where again we should expect a rebound and a continued fall in the rate of Litecoin with a potential target below 26.55.
Litecoin Forecast and LTC/USD Analysis May 22, 2020
In favor of the fall in LTC/USD quotes, a test of the support line on the relative strength index (RSI) will come out. The second signal will be the completion of the formation of the reversal model. Cancellation of the reduction option will be a strong growth and the breakdown of the area of 52.05. This will indicate a breakdown of the resistance area and an acceleration in the growth of the cryptocurrency rate with a potential target above 60.05. With the breakdown of the support area and closing of quotes below the level of 37.05, we should expect confirmation of the development of a downward trend in Litecoin.
Litecoin Forecast and LTC/USD Analysis May 22, 2020 implies an attempt to correct and test the resistance area near the level of 46.45. Where can we expect a rebound and the continuation of the fall of LTC/USD to the area below the level of 26.55. 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 the breakdown of the area of 52.05. This will indicate a continued rise in the cryptocurrency with a target above the level of 60.05.
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