Litecoin LTC/USD ends the trading week at 101.06 and continues to move as part of the fall and the formation of the “Triangle” 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 bullish price correction and a test of the resistance area near the level of 107.05. Where can we expect a rebound down again and an attempt to drop the value of Litecoin with a potential target below the level of 25.05.
An additional signal in favor of falling LTC/USD quotes in the current trading week May 2 — 6, 2022 will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the “Triangle” model. Cancellation of the option to reduce the Litecoin digital asset will be a strong price increase and a breakdown of the 155.05 area. This will indicate a breakdown of resistance and a continued rise in the LTC/USD rate above the level of 305.05. The fall of the cryptocurrency will be confirmed by a breakdown of the support area and closing of quotes below the level of 95.05, which will indicate a breakdown of the lower border of the “Triangle” model.
Litecoin Weekly Forecast May 2 — 6, 2022 suggests an attempt to test the resistance area near the level of 107.05. Then, the continuation of the fall to the area below the level of 25.05. An additional signal in favor of Litecoin’s decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the area of 155.05. This will indicate a continued rise in the cryptocurrency with a target above the level of 305.05.