Litecoin LTC/USD ends the trading week at 69.51 and continues to move as part of the fall and the formation of a bullish Wolfe Wave pattern. Moving averages indicate a bearish trend. Prices went down from the area between the signal lines. This indicates pressure from the 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 fall in prices and test the support area near the level of 50.05. Where should we expect a rebound again and an attempt to raise the value of Litecoin with a potential target above the level of 135.05.
Litecoin Weekly Forecast May 16 — 20, 2022
An additional signal in favor of the growth of LTC/USD quotes in the current trading week May 16 — 20, 2022 will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish Wolfe Wave pattern. Cancellation of the option to raise the Litecoin digital asset will be a price drop and a breakdown of the 45.00 area. This will indicate a breakdown of support and a continued fall in the LTC/USD rate below the level of 15.00. The rise of the cryptocurrency will be confirmed by the breakdown of the resistance area and the closing of quotes above the level of 90.05.
Litecoin Weekly Forecast May 16 — 20, 2022 suggests an attempt to test the support area near the level of 50.05. Then, continued growth to the area above the level of 135.05. 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 45.00 area. This will indicate the continued fall of the cryptocurrency with the target below the level of 15.00.
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