LTC/USD are trading at 55.51 and continue to move as part of the growth and the formation of the «Triangle» pattern. Cryptocurrency capitalization Litecoin at the time of the publication of the forecast is $3 588 155 997. Moving averages indicate a short-term bullish trend for Litecoin. Prices are testing the area between the signal lines, which indicates pressure from buyers of the asset and potential continued growth. At the moment, we should expect an attempt to develop a correction in the value of a digital asset and a test of the support level near the area of 54.35. Where can we expect a rebound again and continued growth in the Litecoin rate with a potential target above the level of 67.65.
Litecoin Forecast and LTC/USD Analysis August 12, 2020
A test of the support line on the relative strength index (RSI) will be in favor of raising the LTC/USD quotes. The second signal will be a rebound from the lower border of the «Triangle» pattern. Cancellation of the growth option will be a fall and a breakdown of the 50.05 area. This will indicate a breakdown of the support area and an acceleration in the fall of the cryptocurrency rate with a potential target below the level of 44.55. With the breakdown of the resistance area and closing of quotations above the level of 62.05, we should expect confirmation of the development of an upward trend in Litecoin and the beginning of the development of the «Triangle» model.
Litecoin Forecast and LTC/USD Analysis August 12, 2020 suggests an attempt to correct and test the support area near the level of 54.35. Where can we expect a rebound and continued growth in LTC/USD to the area above the level of 67.65. An additional signal in favor of Litecoin rise 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 50.05 area. This will indicate a continued decline in cryptocurrency with a target below 44.55.