LTC/USD are traded at 173.84 and continue to move as part of a strong correction and a downward channel. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $11,975,553,830. Moving averages indicate a short-term bearish trend for Litecoin. Prices are testing the area between the signal lines again, which indicates pressure from buyers of the asset and a potential continuation of the rise from the current levels. At the moment, we should expect an attempt to develop a correction in the value of a digital asset and a test of the support level near the 165.05 area. Where can we expect a rebound again and the continuation of the fall in the Litecoin rate with a potential target below the level of 125.05.
Litecoin Forecast and LTC/USD Analysis February 24, 2021
In favor of lowering the LTC/USD quotes, a test of the downtrend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper border of the bearish channel. Cancellation of the fall option will be a strong growth in the value of the asset and a breakdown of the 210.05 area. This will indicate a breakdown of the resistance area and an acceleration of the rise in the cryptocurrency rate with a potential target above the level of 245.05. With the breakdown of the support area and closing of quotations below the level of 155.05, we should expect confirmation of the development of a bearish trend for Litecoin.
Litecoin Forecast and LTC/USD Analysis February 24, 2021 suggests an attempt to correct and test the resistance area near the level of 165.05. Where can we expect a rebound and continued decline in LTC/USD to the area below the level of 125.05. An additional signal in favor of a decline in Litecoin 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 210.05 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 245.05.
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