Cryptocurrency Litecoin is trading at the level of 59 and continues to move within the correction and left the limits of 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 September 8, 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 upwards and an attempt to continue the growth of the LTC/USD asset with a target above the level of 70.
Litecoin Forecast and Analysis September 8, 2022
An additional signal in favor of the rise 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 upper boundary of the descending channel. Earlier, a strong signal was received for buying Litecoin cryptocurrency. The signal was formed due to the crossing of the signal lines at level 53. The nearest resistance area for Litecoin on the cryptocurrency chart is at level 62. The support area for LTC/USD is at level 58.
Cancellation of the growth option for the Litecoin cryptocurrency will be the fall and breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud and close below the level of 54. This option will indicate a change in the bullish trend in favor of the 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 63, which will indicate the breakdown of the next downward correction channel.
Litecoin Forecast and Analysis September 8, 2022 suggests an attempt to correct the cryptocurrency and test the level 56. Where should we expect the Litecoin rate to continue to grow with a potential target near the level 70. continued decline of the cryptocurrency with a target below the level of 45.