Litecoin LTC/USD ends the trading week at 87.83 and continues to move within the growth and bullish channel. Moving averages indicate a bullish trend. Prices broke through the area between the signal lines up. This indicates pressure from buyers of the digital asset and the potential continued growth of the Litecoin rate in the current trading week. At the moment, we should expect an attempt to develop a rise in prices and a test of the resistance area near the level of 76.65. Where can we expect a rebound again and an attempt to continue the growth in the value of Litecoin with a potential target above the level of 140.65.
Litecoin Weekly Forecast May 8 — 12, 2023
An additional signal in favor of the growth of LTC/USD quotes in the current trading week May 8 — 12, 2023 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 Triangle pattern. Cancellation of the option to raise the Litecoin digital asset will be a price drop and a breakdown of the 65.05 area. This will indicate a breakdown of support and a continued fall in the LTC/USD rate below 45.05. The growth of the cryptocurrency will be confirmed by a breakdown of the resistance area and closing of quotes above the level of 107.55, which will indicate a breakdown of the upper border of the Triangle model and the beginning of the model with targets at the top.
Litecoin Weekly Forecast May 8 — 12, 2023 suggests an attempt to test the support area near the level of 76.65. Then, continued growth to the area above the level of 140.65. 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 65.05 area. This will indicate a continued decline in the cryptocurrency with a target below the level of 45.05.
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