LTC/USD are trading at 54.63 and continue to move as part of the decline and the rising channel. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $3 495 858 984. Moving averages indicate the presence of a short-term bearish trend for Litecoin. At the moment, we should expect an attempt to grow and test the resistance level near the area of 59.55. Where again we should expect a rebound and a continued fall in the rate of Litecoin with a potential target below 42.65.
Litecoin Forecast and LTC/USD Analysis October 16, 2019
In favor of falling LTC/USD quotes, a test of a downward trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper boundary of the ascending channel. Cancellation of the fall option will be a strong growth and a breakdown of the area of 68.05. This will indicate a breakdown of the resistance area and an acceleration of the growth of the cryptocurrency rate with a potential target above the level of 75.05. With the breakdown of the support area and closing of quotes below the level of 48.05, we should expect confirmation of the development of a bearish trend in Litecoin.
Litecoin Forecast and LTC/USD Analysis October 16, 2019 implies an attempt to correct and test the resistance area near the level of 59.55. Where can we expect a rebound and the continuation of the fall of LTC/USD to the area below the level of 42.65. An additional signal in favor of the fall of Litecoin will be a test of the trend line on the relative strength index (RSI). Cancellation of the reduction option will be a strong growth and the breakdown of the area of 68.05. This will indicate a continued rise in the cryptocurrency with a target above the level of 75.05.
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