LTC/USD are trading at the level of 86.51 and continue to move within the framework of the development of a correction and a descending channel. The capitalization of the Litecoin cryptocurrency at the time of publication of the forecast is $6,331,059,975. Moving averages indicate the presence of a short-term bearish trend for Litecoin. Prices are again testing the area between the signal lines, which indicates pressure from sellers of the asset and a potential continuation of the fall from current levels. At the moment, we should expect a demand for the development of a correction of the digital asset and a test of the resistance level near the area of 90.75. Why should we expect a continuation of the coin’s fall to the level of 65.95.
Litecoin Forecast for May 16, 2023
A test of the resistance line on the relative strength indicator (RSI) will be an additional signal in favor of a decrease in LTC/USD quotes. The second signal will be a rebound from the upper border of the descending channel. A strong rise in the value of the asset and a breakdown of the area of 96.65 will cancel the option of the coin falling. This will indicate a breakdown of the resistance area and the continuation of the 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 quotations below the level of 77.65, we should expect confirmation of the development of the bearish movement in the Litecoin cryptocurrency.
Litecoin Forecast for May 16, 2023 suggests a correction demand and a test of the resistance area near the level of 90.75. Where should we expect a rebound and continued decline in the price of LTC/USD to the area below the level of 65.95. An additional signal in favor of the decline of the Litecoin cryptocurrency tomorrow will be a test of the trend line on the relative strength indicator. A strong growth and a breakdown of the 96.65 resistance area will cancel the fall option. This will indicate the continuation of the growth of the cryptocurrency with a target above the level of 110.05.
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