LTC/USD are trading at 54.99 and continue to move within the correction and the downward channel. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $3,916,312,914. Moving averages indicate a short-term bearish trend for Litecoin. Prices have gone down from the area between the signal lines, which indicates pressure from sellers of the asset and a potential continuation of the fall from current levels. At the moment, we should expect an attempt to develop a bullish correction in the value of the digital asset and a test of the resistance level near the 56.05 area. Where can we expect the coin to continue falling to the level of 40.55 again.
Litecoin Forecast and Analysis August 31, 2022
An additional signal in favor of lowering LTC/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option of falling coins will be a strong increase in the value of the asset and a breakdown of the area of 62.55. This will indicate a breakdown of the resistance area and continued growth of the cryptocurrency rate with a potential target above the level of 70.55. With the breakdown of the support area and the closing of quotes below the level of 49.05, we should expect confirmation of the development of a bearish trend for Litecoin.
Litecoin Forecast and Analysis August 31, 2022 suggests an attempt to correct and test the resistance area near the level of 56.05. Where should we expect a rebound and a continuation of the fall in the price of LTC/USD to the area below the level of 40.55. An additional signal in favor of Litecoin’s decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the area of 62.55. This will indicate a continued rise in the cryptocurrency with a target above the level of 70.55.
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