Cryptocurrency Litecoin is trading at level 56 and continues to move within the correction and left the limits of the bullish 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 9, 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 57. 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 47.
Litecoin Forecast and Analysis September 9, 2022
An additional signal in favor of the fall 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 lower boundary of the bullish channel, which was broken down by the sellers. Earlier, a weak 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 58. 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 51.
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 62. 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 September 9, 2022 suggests an attempt to correct the cryptocurrency and test level 57. Where should we expect Litecoin to continue falling with a potential target near the level of 47. Cancellation of the decline option will be a strong growth and a breakdown of the area of 62. What will indicate to continue the rise of the cryptocurrency with a target above the level of 75.