LTC/USD are trading at 101.17 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 $7,156,142,573. 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 area of 106.05. Whence again we should expect the continuation of the fall of the coin to the level of 60.05.
Litecoin Forecast and Analysis March 8, 2022
An additional signal in favor of falling 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 boundary of the descending channel, as well as from the upper boundary of the descending channel. Cancellation of the option of falling coins, a strong increase in the value of the asset and a breakdown of the area of 135.05. This will indicate a breakdown of the resistance area and a continued rise in the cryptocurrency rate with a potential target above the level of 165.05. With the breakdown of the support area and the closing of quotes below the level of 85.55, we should expect confirmation of the development of a bearish trend for Litecoin and the beginning of the development of the “Triangle” model.
Litecoin Forecast and Analysis March 8, 2022 suggests an attempt to correct and test the resistance area near the level of 106.05. 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 60.05. 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 135.05. This will indicate a continued rise in the cryptocurrency with a target above the level of 165.05.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
