LTC/USD are traded at 186.46 and continue to move as part of the correction and the formation of the ”Triangle” pattern. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $12,399,347,950. Moving averages indicate a short-term bearish trend for Litecoin. However, prices have broken through the area between the signal lines upward, 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 235.05.
Litecoin Forecast and LTC/USD Analysis March 5, 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 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 the level of 85.05. With the breakdown of the resistance area and closing of quotations above the level of 210.05, we should expect confirmation of the development of the bullish trend in Litecoin and the beginning of the development of the ”Triangle” model.
Litecoin Forecast and LTC/USD Analysis March 5, 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 235.05. 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 area of 145.05. This will indicate a continued fall in the cryptocurrency with a target below the level of 85.05.
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