LTC/USD are trading at 342.21 and continue to move within the framework of a strong growth and an upward channel. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $22,859,736,033. 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 305.05 area. Where can we expect a rebound again and continued growth in the Litecoin rate with a potential target above the level of 425.05.
Litecoin Forecast and LTC/USD Analysis May 7, 2021
In favor of the growth of the 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 265.05 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 the level of 215.05. With the breakdown of the resistance area and closing of quotations above the level of 375.05, we should expect confirmation of the development of a bullish trend in Litecoin.
Litecoin Forecast and LTC/USD Analysis May 7, 2021 suggests an attempt to correct and test the support area near the level of 305.05. Where can we expect a rebound and continued growth in LTC/USD to the area above the level of 425.05. 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 265.05 area. This will indicate a continued fall in the cryptocurrency with a target below the level of 215.05.
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