Cryptocurrency Litecoin ends the trading week near the 84 area. LTC/USD quotes are trading above the upper limit of the Ichimoku Kinko Hyo Cloud. This indicates a bullish trend for Litecoin. As part of the forecast for the cryptocurrency rate for the next week, March 4 — 8, 2024. An attempt to develop a price correction and a test of the signal line area of the Ichimoku indicator near level 77 are expected. Where can we expect a rebound upward and an attempt to continue the growth of the LTC/USD rate with a potential target above level 105.
Litecoin Forecast March 4 — 8, 2024
A strong signal in favor of the rise of the cryptocurrency will be a test of the support level on the asset’s chart. The second signal will be a rebound from the lower border of the bullish channel. Previously, a weak signal was received for purchases of the Litecoin cryptocurrency. The signal was formed due to the intersection of signal lines at level 69. The nearest resistance area for Litecoin is located at level 90. The support area for LTC/USD is located at level 76.
Cancellation of the growth option for Litecoin in the current trading week will be a breakdown of the lower
boundary of the Ichimoku Kinko Hyo Cloud with quotes closing below the area of 65. This will indicate a change in the bullish trend in favor of a bearish trend and a continued fall in the coin’s price. Expect accelerated growth of the cryptocurrency with a breakdown of the resistance area and closing of the price above the level of 90.
Litecoin Forecast March 4 — 8, 2024 assumes an attempt to develop a correction to level 77. From where we can expect a rebound downwards and continued growth of the cryptocurrency with a potential target near level 105. A rebound from the lower border of the bullish channel will be in favor of the rise. Cancellation of the coin rate growth option will be a fall and a breakdown of the 65 area. In this case, we should expect a continued decline in the Litecoin digital currency with a potential target at 55.
