Litecoin LTC/USD ends the trading week at 61.74 and continues to move as part of a bullish correction and a downward channel. Moving averages indicate a bearish trend. Prices are again testing the area between the signal lines. This indicates pressure from the 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 rise in prices and a test of the resistance area near the level of 70.05. Where can we expect a rebound down again and an attempt to drop the value of Litecoin with a potential target below the level of 15.05.
Litecoin Weekly Forecast August 8 — 12, 2022
An additional signal in favor of falling LTC/USD quotes in the current trading week August 8 — 12, 2022 will be a test of the trend 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 Litecoin digital asset will be a strong price increase and a breakdown of the 110.05 area. This will indicate a breakdown of resistance and continued growth of the LTC/USD rate above the level of 195.05. The fall of the cryptocurrency will be confirmed by a breakdown of the support area and closing of quotes below the level of 40.05.
Litecoin Weekly Forecast August 8 — 12, 2022 suggests an attempt to test the resistance area near the level of 70.05. Then, the continuation of the fall to the area below the level of 15.05. 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 110.05. This will indicate a continued rise in the cryptocurrency with a target above the level of 195.05.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link