Litecoin LTC/USD ends the trading week at 60.25 and continues to move in the correction and descending channel. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines downwards, this indicates pressure from sellers of the digital asset and a potential continuation of the fall in the Litecoin rate in the current trading week. At the moment, we should expect an attempt to develop a bearish price correction and a test of the support area near the 55.05 level. From where we should again expect an upward rebound and an attempt to continue the growth of the Litecoin value with a potential target above the 87.45 level.
Litecoin Forecast and Analysis August 12 — 16, 2024
An additional signal in favor of an increase in LTC/USD quotes in the current trading week of August 12 — 16, 2024 will be a test of the support line on the relative strength indicator. The second signal will be a rebound from the lower border of the descending channel. The growth option for the digital asset Litecoin will be cancelled if the price falls and the area of 45.05 is broken. This will indicate a breakout of support and a continuation of the fall of the LTC/USD rate below 35.05. The growth of the cryptocurrency will be confirmed by a breakout of the resistance area and closing of quotes above 76.05, which will indicate a breakout of the upper border of the descending channel.
Litecoin Forecast and Analysis August 12 — 16, 2024 suggests an attempt to test the support area near the level of 55.05. Then, continued growth to the area above the level of 87.45. An additional signal in favor of the rise of Litecoin will be a test of the trend line on the relative strength indicator. The growth option will be cancelled if the price falls and the area of 45.05 is broken. This will indicate a continuation of the decline of the cryptocurrency with a target below the level of 35.05.
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