LTC/USD are trading at 45.54 and continue to move as part of the correction and formation of the «Triangle» model. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $2 952 093 609. Moving averages indicate the presence of a short-term bullish trend in Litecoin. Prices have pierced the area between the signal lines down, which indicates pressure from sellers. At the moment, we should expect an attempt to fall in the value of the digital asset and a test of the support level near the 43.45 area. Where again we should expect a rebound and continued growth of the Litecoin rate with a potential target above 51.65.
Litecoin Forecast and LTC/USD Analysis May 8, 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 «Triangle» model. Cancellation of the growth option will be a fall and a breakdown of the 41.55 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 35.05. With the breakdown of the resistance area and closing of quotes above the level of 48.55, we should expect confirmation of the development of an upward trend in Litecoin.
Litecoin Forecast and LTC/USD Analysis May 8, 2020 implies an attempt to correct and test the support area near the level of 43.45. Where can we expect a rebound and continued growth of LTC/USD to the area above the level of 51.65. 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 41.55 area. This will indicate a continued decline in cryptocurrency with a target below the level of 35.05.
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