LTC/USD are trading at 46.03 and continue to move as part of the growth and upward channel. Litecoin cryptocurrency capitalization at the time of the publication of the forecast is $3 049 982 108. Moving averages indicate the presence of a short-term bullish trend in Litecoin. Prices push from the area between the signal lines up, which indicates pressure from buyers. At the moment, we should expect an attempt to correct the value of the digital asset and a test of the support level near the 42.75 area. Where again we should expect a rebound and continued growth of the Litecoin rate with a potential target above the level of 64.05.
Litecoin Forecast and LTC/USD Analysis May 5, 2020
In favor of the rise 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 lower boundary of the ascending channel. Cancellation of the growth option will be a fall and a breakdown of the 38.05 area. This will indicate a breakdown of the support area and the acceleration of the fall of the cryptocurrency rate with a potential target below the level of 30.05. With the breakdown of the resistance area and the closing of quotations above 51.55, we should expect confirmation of the development of an upward trend in Litecoin.
Litecoin Forecast and LTC/USD Analysis May 5, 2020 implies an attempt to correct and test the support area near the level of 42.75. Where can we expect a rebound and continued growth of LTC/USD to the area above the level of 64.05. 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 38.05 area. This will indicate a continued decline in cryptocurrency with a target below the level of 30.05.
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