LTC/USD completes the trading week at 170.54 and continues to move within the correction and ascending channel. Moving averages indicate a bullish trend. Prices moved up from the area between the signal lines. This indicates pressure from buyers of the digital asset and the potential continued growth of the Litecoin rate in the current trading week. At the moment, we should expect an attempt to develop a correction and test the support area near the 150.65 level. Where can we expect a rebound again and an attempt to increase the fall in the value of Litecoin with a potential target above the level of 280.55.
Litecoin Forecast and Analysis March 1 — 5, 2021
An additional signal in favor of raising the LTC/USD quotes in the current trading March 1 — 5, 2021 will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the growth option for the Litecoin digital asset will be a fall in prices and a breakdown of the 115.05 area. This will indicate a breakdown of the support area and a continued fall in the LTC/USD rate below 85.05. Confirmation of the rise in cryptocurrency will be a breakdown of the resistance area and closing of quotations above the level of 205.05.
Litecoin Forecast and Analysis March 1 — 5, 2021 implies an attempt to test the support area near the level of 150.65. Then, continued growth to the area above the level of 280.55. 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 115.05 area. This will indicate a continued decline in cryptocurrency with a target below 85.05.