LTC/USD are trading at 48.55 and continue to move as part of the fall and the formation of the “Wedge” reversal pattern. Cryptocurrency capitalization Litecoin at the time of the publication of the forecast is $3 211 309 929. 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 43.75 area. Where can we expect a rebound again and continued growth in the Litecoin rate with a potential target above the level of 64.55.
Litecoin Forecast and LTC/USD Analysis September 16, 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 lower boundary of the Wedge pattern. Cancellation of the growth option will be a fall and a breakdown of the 37.05 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 the level of 31.55. With the breakdown of the resistance area and closing of quotations above the level of 56.25, we should expect confirmation of the development of an upward trend in Litecoin, which will also indicate a breakdown of the upper border of the reversal pattern.
Litecoin Forecast and LTC/USD Analysis September 16, 2020 suggests an attempt to correct and test the support area near the level of 43.75. Where can we expect a rebound and continued growth in LTC/USD to the area above the level of 64.55. 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 37.05 area. This will indicate a continued decline in cryptocurrency with a target below 31.55.
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