Cryptocurrency Litecoin is trading at the level of 55 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 31, 2022. An attempt is expected to develop a correction and test the upper border of the Ichimoku Kinko Hyo indicator cloud near the level of 56. 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 45.
Litecoin Forecast and Analysis August 31, 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 level 55. The nearest resistance area for Litecoin on the cryptocurrency chart is at level 57. The support area for LTC/USD is at level 52.
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. It is worth expecting an acceleration in the fall of LTC/USD quotes with a breakdown of the support area and closing prices below the level of 50, which will indicate a breakdown of the lower border of the descending channel, and this is a signal to move down to the width of the channel.
Litecoin Forecast and Analysis August 31, 2022 suggests an attempt to correct the cryptocurrency and test level 56. Where should we expect the Litecoin exchange rate to continue to fall with a potential target near the level of 45. A strong growth and a breakdown of the 61 area will be a cancellation option. to continue the rise of the cryptocurrency with a target above the level of 72.
