Litecoin LTC/USD ends the trading week at 57.99 and continues to move as part of a strong correction and an upward channel. Moving averages indicate a lateral trend. Prices pierced the area between the signal lines down. This indicates pressure from sellers of the digital asset. At the moment, we should expect an attempt to develop a slight correction and test the support area near the level of 53.55. Where again we should expect a rebound and an attempt to start the growth of Litecoin with a potential target above the level of 100.55.
Litecoin Forecast and Analysis March 2 — 6, 2020
An additional signal in favor of the growth of LTC/USD quotes in the current trading week March 2 — 6, 2020 will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel, here we can also talk about the formation of the bullish «5-0» model. Cancellation of the Litecoin growth option will be a fall and a breakdown of the 40.05 area. This will indicate a breakdown of the support area and a continuation of the fall in the LTC/USD rate and a fall below the level of 30.05. A confirmation of the growth of the cryptocurrency will be a breakdown of the resistance area and closing of quotations above the level of 80.55.
Litecoin Forecast and Analysis March 2 — 6, 2020 therefore, involves an attempt to test the support area near the level of 53.55. Then, continued growth to the area above the level of 100.55. An additional signal in favor of Litecoin growth will be an uptrend test on the relative strength index (RSI). Cancellation of the rise option will be a fall and a breakdown of the area of 40.05. This will indicate a continued fall in cryptocurrency with a target below the level of 30.05.
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