LTC/USD are trading at 78.72 and continue to move as part of the correction and the formation of the Head and Shoulders reversal pattern. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $5,666,534,751. Moving averages indicate the presence of a short-term bullish trend for Litecoin. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the asset and a potential continuation of growth already from current levels. At the moment, we should expect an attempt to develop a rise in the value of the digital asset and a test of the resistance level near the area of 82.65. Where can we expect the coin to continue falling to the level of 58.05 again.
Litecoin Forecast December 16, 2022
An additional signal in favor of falling LTC/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel, which was broken down by the sellers of the asset. Cancellation of the coin’s fall option will be a strong increase in the value of the asset and a breakdown of the 88.75 area. This will indicate a breakdown of the resistance area and continued growth of the cryptocurrency rate with a potential target above the level of 110.05. With the breakdown of the support area and the closing of quotes below the level of 54.05, we should expect confirmation of the development of the downward trend for Litecoin and the start of working out the “Head and Shoulders” model with targets below.
Litecoin Forecast December 16, 2022 suggests an attempt to correct and test the resistance area near the level of 82.65. Where should we expect a rebound and a continuation of the fall in the price of LTC/USD to the area below the level of 58.05. An additional signal in favor of Litecoin’s decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the area of 88.75. This will indicate a continued rise in the cryptocurrency with a target above the level of 110.05.
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