LTC/USD are traded at 59.03 and continue to move as part of the growth and development of the bullish Wolfe Wave pattern. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $ 3,560,133,708. Moving averages indicate a short-term sideways trend in Litecoin. Prices moved 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 56.05 area. Where can we expect a rebound again and continued growth in the Litecoin rate with a potential target above the level of 64.05.
Litecoin Forecast and LTC/USD Analysis November 6, 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 upper border of the Wedge reversal pattern. Cancellation of the growth option will be a strong fall in the value of the asset and a breakdown of the 48.65 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 42.55. With the breakdown of the resistance area and closing of quotations above the level of 62.05, we should expect confirmation of the development of an upward trend in Litecoin.
Litecoin Forecast and LTC/USD Analysis November 6, 2020 suggests an attempt to correct and test the support area near the level of 56.05. Where can we expect a rebound and continued growth in LTC/USD to the area above the level of 64.05. 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 48.65 area. This will indicate a continued fall in the cryptocurrency with a target below 42.55.
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