Cryptocurrency Litecoin is trading at 85 and continues to move within the growth and bullish channel. LTC/USD quotes are moving above the upper limit 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 7, 2024. An attempt to develop a bearish correction and a test of the upper limit of the Cloud of the Ichimoku Kinko Hyo indicator near level 81 are expected. Where can we expect a rebound upward and an attempt to continue the growth of the LTC/USD asset with a target above the level of 100.
Litecoin Forecast and Analysis for March 7, 2024
An additional signal in favor of the rise of the Litecoin cryptocurrency in the markets will be a test of the support 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 90. The nearest resistance area for Litecoin on the cryptocurrency chart is at level 95. The support area for LTC/USD is at level 76.
Cancellation of the growth option for the Litecoin cryptocurrency will be a fall and breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with quotes closing below the level of 75. This option will indicate a change in the bullish trend in favor of a bearish trend and a continuation of the fall of the cryptocurrency. Expect an acceleration in the growth of LTC/USD quotes with a breakdown of the resistance area and closing of prices above the level of 88, which will indicate a breakdown of the upper boundary of the downward correction channel.
Litecoin Forecast and Analysis for March 7, 2024 assumes an attempt to develop a bearish correction of the cryptocurrency and a test of level 81. Where can we expect continued growth of Litecoin with a potential target near the level of 100. The cancellation of the rise option will be a fall and a breakdown of the 75 area. What will indicate to continue the decline of the cryptocurrency with a target below the level of 65.
