Cryptocurrency Litecoin is trading at 84 and continues to move within the fall and has left the bullish channel. LTC/USD quotes are moving below the lower boundary of the Cloud of the Ichimoku Kinko Hyo technical indicator. This indicates a bearish trend in the cryptocurrency. As part of the Litecoin price forecast for March 20, 2024. An attempt to develop a bullish correction and a test of the lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator near the level of 90 are expected. Where can we expect a rebound downwards and an attempt to continue the fall of the LTC/USD asset with a target below the level of 70.
Litecoin Forecast and Analysis for March 20, 2024
An additional signal in favor of a decline in the Litecoin cryptocurrency in the markets will be a test of the resistance area on the cryptocurrency price chart. The second signal in favor of this scenario will be a rebound from the lower border of the bullish channel. Previously, a weak signal was received for sales of the Litecoin cryptocurrency. The signal was formed due to the intersection of signal lines at level 94. The nearest resistance area for Litecoin on the cryptocurrency chart is at level 95. The support area for LTC/USD is at level 80.
Cancellation of the option for the fall of the Litecoin cryptocurrency will be a strong growth and a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with quotes closing above the level of 100. This option will indicate a change in the bearish trend in favor of a bullish trend and continued growth of the cryptocurrency. Expect an acceleration in the fall of LTC/USD quotes with a breakdown of the support area and closing prices below level 77.
Litecoin Forecast and Analysis for March 20, 2024 suggests an attempt to develop a bullish correction of the cryptocurrency and a test of level 90. Where can we expect a continuation of the fall of Litecoin with a potential target near the level of 70. The cancellation of the reduction option will be a strong growth and a breakdown of the 100 area. What will indicate a continued rise in the cryptocurrency with a target above the level of 120.
