LTC/USD are traded at 49.05 and continue to move as part of the growth and the beginning of the development of the “Triangle” model. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $3,271,024,666. Moving averages indicate a short-term bearish trend for Litecoin. However, prices broke through the area between the signal lines upward, 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 decrease in the value of a digital asset and a test of the support level near the 46.25 area. Where can we expect a rebound again and continued growth in the Litecoin rate with a potential target above the level of 61.55.
Litecoin Forecast and LTC/USD Analysis October 16, 2020
A test of the trend line on the relative strength index (RSI) will be in favor of raising the LTC/USD quotes. The second signal will be a breakdown of the upper border of the descending channel. Cancellation of the growth option will be a fall and a breakdown of the 42.45 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 35.05. With the breakdown of the resistance area and closing of quotations above the level of 55.05, we should expect confirmation of the development of an upward trend in Litecoin.
Litecoin Forecast and LTC/USD Analysis October 16, 2020 suggests an attempt to correct and test the support area near the level of 46.25. Where can we expect a rebound and continued growth in LTC/USD to the area above the level of 61.55. 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 42.45 area. This will indicate a continued decline in cryptocurrency with a target below 35.05.
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