LTC/USD are traded at 169.44 and continue to move as part of the correction and the formation of a “Double Bottom” reversal pattern. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $11,383,951,851. Moving averages indicate a short-term bearish trend for Litecoin. Prices are again testing the area between the signal lines, which indicates pressure from the sellers of the asset and a potential continuation of the fall 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 159.05 area. Where can we expect a rebound again and continued growth in the Litecoin rate with a potential target above the level of 215.45.
Litecoin Forecast and LTC/USD Analysis March 2, 2021
In favor of the growth of the LTC/USD quotes, a test of the trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower border of the reversal pattern. Cancellation of the growth option will be a fall in the value of the asset and a breakdown of the area of 140.05. This will indicate a breakdown of the support area and an acceleration in the fall of the cryptocurrency rate with a potential target below 80.55. With the breakdown of the resistance area and closing of quotations above the level of 2185.05, we should expect confirmation of the development of a bullish trend in Litecoin.
Litecoin Forecast and LTC/USD Analysis March 2, 2021 suggests an attempt to correct and test the support area near the level of 159.05. Where can we expect a rebound and continued growth in LTC/USD to the area above the level of 215.45. An additional signal in favor of Litecoin rise will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 140.05 area. This will indicate a continued fall in the cryptocurrency with a target below 80.55.
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