Cryptocurrency Litecoin is trading at the level of 67 and continues to move within the correction and the bullish channel. LTC/USD quotes are moving above the upper border of the Cloud of the Ichimoku Kinko Hyo technical indicator. This indicates the presence of a bullish trend in the cryptocurrency. As part of the Litecoin price forecast for August 31, 2023. An attempt is expected to develop a bullish correction and test the upper border of the Ichimoku Kinko Hyo indicator Cloud near the level of 65. Where should we expect a rebound upwards and an attempt to continue the growth of the LTC/USD asset with a target above the level of 78.
Litecoin Forecast and Analysis for August 31, 2023
An additional signal in favor of the growth of the Litecoin cryptocurrency in the markets will be a test of the support area on the cryptocurrency price chart. The second signal in favor of this scenario will be a rebound from the lower border of the bullish channel. Earlier, a signal of medium strength was received for purchases of the Litecoin cryptocurrency. The signal was formed due to the crossing of the signal lines at the level of 65. The nearest resistance area for Litecoin on the cryptocurrency chart is at the level of 71. The support area for LTC/USD is at the level of 65.
Cancellation of the Litecoin cryptocurrency growth option will be a fall and a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with quotes closing below the level of 60. This option will indicate a change in the bullish trend in favor of a bearish trend and the continued fall of the cryptocurrency. Expect an acceleration in the growth of LTC/USD quotes with a breakdown of the resistance area and closing prices above the level of 75.
Litecoin Forecast and Analysis for August 31, 2023 suggests an attempt to correct the cryptocurrency and test the level of 65. Where can we expect the Litecoin rate to continue to grow with a potential target near the level of 78. Cancellation of the rise option will be a fall and a breakdown of the 60 area, which will indicate a continued fall of the cryptocurrency with a target below the level of 45.
