Litecoin LTC/USD ends the trading week at 65.99 and continues to move as part of the correction and formation of the Head and Shoulders reversal pattern. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines downwards. This indicates pressure from sellers of the digital asset and a potential continuation of the fall in the Litecoin rate in the current trading week. At the moment, we should expect an attempt to develop a price decline and a test of the support area near the level of 62.05. From where we can again expect a rebound upward and an attempt to continue to grow in the value of Litecoin with a potential target above the level of 91.55.
Litecoin Forecast January 29 — February 2, 2024
An additional signal in favor of growth in LTC/USD quotes in the current trading week January 29 — February 2, 2024 will be a test of the support line on the relative strength index. The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for the digital asset Litecoin will be a fall in price and a breakdown of the 55.05 area. This will indicate a breakdown of support and a continued fall in the LTC/USD rate below the level of 47.05. Confirmation of the growth of the cryptocurrency will be a breakdown of the resistance area and closing of quotes above the level of 81.55, which will indicate a breakdown of the upper boundary of the downward channel and the beginning of a reversal pattern with targets above.
Litecoin Forecast January 29 — February 2, 2024 assumes an attempt to test the support area near the level of 62.05. Then, continued growth to the area above the level of 91.55. An additional signal in favor of the rise of Litecoin 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 55.05 area. This will indicate a continued decline in the cryptocurrency with a target below the level of 47.05.
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