Cryptocurrency Litecoin is trading at level 54 and continues to move within the correction and the downward channel. LTC/USD quotes are moving below the lower border of the Cloud of the Ichimoku Kinko Hyo technical indicator. This indicates the presence of a bearish trend in the cryptocurrency. As part of the Litecoin price forecast for August 30, 2022. An attempt is expected to develop a correction and test the lower border of the Ichimoku Kinko Hyo indicator Cloud near the level of 55. Where should we expect a rebound down and an attempt to continue the fall of the LTC/USD asset with a target below the level of 40.
Litecoin Forecast and Analysis August 30, 2022
An additional signal in favor of the decline of the Litecoin cryptocurrency in the markets will be a test of the resistance area on the cryptocurrency price chart. The second signal in favor of this scenario will be a rebound from the upper border of the bearish channel. Earlier, a strong signal was received for the sale of the Litecoin cryptocurrency. The signal was formed due to the crossing of the signal lines at the level of 55. The nearest resistance area for Litecoin on the cryptocurrency chart is at the level of 58. The support area for LTC/USD is at the level of 50.
Cancellation of the option to reduce Litecoin cryptocurrency will be a strong growth and a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud and closing above the level of 61. This option will indicate a change in the bearish trend in favor of the bullish trend and continued growth of the cryptocurrency. Expect an acceleration in the fall of LTC/USD quotes with a breakdown of the support area and closing prices below the level of 50.
Litecoin Forecast and Analysis August 30, 2022 suggests an attempt to correct the cryptocurrency and test the level 55. Where should we expect the Litecoin rate to continue to fall with a potential target near the level 40. A strong growth and a breakdown of the area 61 will cancel the decline option. What will indicate to continue the rise of the cryptocurrency with a target above the level of 72.
