LTC/USD are trading at 275.27 and continue to move as part of the correction and the formation of an inverted “Head and Shoulders” reversal pattern. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $18,710,130,956. Moving averages indicate a short-term bullish trend for Litecoin. Prices went up from the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a correction in the value of a digital asset and a test of the support level near the area of 245.05. Where can we expect a rebound again and continued growth in the Litecoin rate with a potential target above the level of 335.05.
Litecoin Forecast and LTC/USD Analysis May 4, 2021
In favor of the growth of LTC/USD quotes, a test of the trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option will be a fall in the value of the asset and a breakdown of the 205.05 area. This will indicate a breakdown of the support area and an acceleration in the fall of the cryptocurrency rate with a potential target below 165.05. With the breakdown of the resistance area and closing of quotations above the level of 295.05, we should expect confirmation of the development of the bullish trend in Litecoin and the start of the reversal pattern development.
Litecoin Forecast and LTC/USD Analysis May 4, 2021 suggests an attempt to correct and test the support area near the level of 245.05. Where can we expect a rebound and continued growth in LTC/USD to the area above the level of 335.05. An additional signal in favor of Litecoin rise 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 205.05 area. This will indicate a continued fall in the cryptocurrency with a target below the level of 165.05.
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