LTC/USD are traded at 45.56 and continue to move as part of the correction and the beginning of the “Wedge” model. Cryptocurrency capitalization Litecoin at the time of the publication of the forecast is $3 012 747 555. Moving averages indicate a short-term bearish trend for Litecoin. Prices are testing 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 decrease in the value of a digital asset and a test of the support level near the 41.55 area. Where can we expect a rebound again and continued growth in the Litecoin rate with a potential target above the level of 58.55.
Litecoin Forecast and LTC/USD Analysis October 7, 2020
A test of the support line on the relative strength index (RSI) will be in favor of raising 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 fall and a breakdown of the 38.05 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 34.05. With the breakdown of the resistance area and closing of quotations above the level of 50.05, we should expect confirmation of the development of an upward trend in Litecoin.
Litecoin Forecast and LTC/USD Analysis October 7, 2020 suggests an attempt to correct and test the support area near the level of 41.55. Where can we expect a rebound and continued growth in LTC/USD to the area above the level of 58.55. 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 38.05 area. This will indicate a continued decline in cryptocurrency with a target below 34.05.
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