LTC/USD are traded at 46.63 and continue to move within the fall and the ascending channel. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $3,112,726,559. Moving averages indicate a short-term bearish trend for Litecoin. Prices returned below the area between the signal lines, which indicates pressure from the sellers of the asset and a potential continuation of the fall 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 resistance level near the area of 49.25. Where can we expect a rebound again and the continuation of the fall in the Litecoin rate with a potential target below the level of 36.55.
Litecoin Forecast and LTC/USD Analysis October 21, 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 breakdown of the lower border of the ascending channel. Cancellation of the fall option will be a strong growth and a breakdown of the 54.05 area. This will indicate a breakdown of the resistance area and an acceleration in the growth of the cryptocurrency rate with a potential target above the level of 57.05. With the breakdown of the support area and closing of quotations below the level of 43.05, we should expect confirmation of the development of a downward trend in Litecoin.
Litecoin Forecast and LTC/USD Analysis October 21, 2020 implies an attempt to correct and test the resistance area near the level of 49.25. Where can we expect a rebound and continued decline in LTC/USD to the area below the level of 36.55. An additional signal in favor of the fall in 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 a breakdown of the 54.05 area. This will indicate continued growth of the cryptocurrency with a target above the level of 57.05.
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