LTC/USD are trading at 41.71 and continue to move as part of the correction and the formation of the «Triangle» model. The capitalization of Litecoin cryptocurrency at the time of the publication of the forecast is $2 748 246 531. Moving averages indicate the presence of a short-term bearish trend for 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 43.05. Where again we should expect a rebound and a continued decline in the rate of Litecoin with a potential target below 36.05.
Litecoin Forecast and LTC/USD Analysis May 27, 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 a rebound from the upper boundary of the «Triangle» model. Cancellation of the reduction option will be a strong growth and a breakdown of the area of 46.55. This will indicate a breakdown of the resistance area and an acceleration of the growth of the cryptocurrency rate with a potential target above the level of 55.05. With the breakdown of the support area and closing of quotes below 39.05, we should expect confirmation of the development of a downward trend in Litecoin.
Litecoin Forecast and LTC/USD Analysis May 27, 2020 implies an attempt to correct and test the resistance area near the level of 43.05. Where can we expect a rebound and the continuation of the fall of LTC/USD to the area below the level of 36.05. 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 46.55. This will indicate a continued rise in the cryptocurrency with a target above the level of 55.05.
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