LTC/USD are traded at 181.13 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 $12,191,491,909. 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 165.05 area. Where can we expect a rebound again and continued growth in the Litecoin rate with a potential target above the level of 210.55.
Litecoin Forecast and LTC/USD Analysis March 3, 2021
In favor of the growth of 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 upper border of the descending channel. Cancellation of the growth option will be a fall in the value of the asset and a breakdown of the area of 145.05. This will indicate a breakdown of the support area and an acceleration in the fall of the cryptocurrency rate with a potential target below 95.05. With the breakdown of the resistance area and closing of quotations above the level of 195.05, we should expect confirmation of the development of a bullish trend in Litecoin.
Litecoin Forecast and LTC/USD Analysis March 3, 2021 suggests an attempt to correct and test the support area near the level of 165.05. Where can we expect a rebound and continued growth in LTC/USD to the area above the level of 210.55. An additional signal in favor of Litecoin’s 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 area of 145.05. This will indicate a continued fall in the cryptocurrency with a target below 95.05.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
