LTC/USD are traded at 52.72 and continue to move within the correction and the upward channel. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $ 3,476,766,458. Moving averages indicate a short-term bullish trend for Litecoin. Prices are testing the area between the signal lines again, 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 50.05 area. Where can we expect a rebound again and continued growth in the Litecoin rate with a potential target above the level of 64.85.
Litecoin Forecast and LTC/USD Analysis November 4, 2020
A test of the trend line on the relative strength index (RSI) will be in favor of reducing the LTC/USD quotes. The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the growth option will be a strong fall in the value of the asset and a breakdown of the 45.55 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 40.05. With the breakdown of the resistance area and closing of quotations above the level of 57.05, we should expect confirmation of the development of an upward trend in Litecoin, which will indicate a breakdown of the upper border of the “Wedge” model.
Litecoin Forecast and LTC/USD Analysis November 4, 2020 suggests an attempt to correct and test the support area near the level of 50.05. Where can we expect a rebound and continued growth in LTC/USD to the area above the level of 64.85. An additional signal in favor of Litecoin’s 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 45.55 area. This will indicate a continued fall in the cryptocurrency with a target below 40.05.
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