The Litecoin (LTC) worth prediction for March is bearish. The value has seemingly begun a correction after growing for greater than six months. The correction is predicted to proceed all through March.
The Litecoin worth began to fall underneath a long-term descending resistance line after its 2021 excessive of $413.65. The lower led to a low of $40.25 in June 2022.
Whereas the worth has elevated because it failed to interrupt out from the descending resistance line. Somewhat, it was rejected by the confluence of the resistance line and the $105 resistance space on Feb. 17 (crimson icon). The LTC worth has fallen since.
Whereas the weekly RSI remains to be above 50, the development can solely be thought-about bullish as soon as the Litecoin worth breaks out above these ranges. In that case, a rise to a mean worth of $280 may comply with.
Alternatively, the closest horizontal assist space could be at $64.
Litecoin (LTC) Worth Prediction for March: Correction Forward
The technical evaluation from the every day time frame helps the continuation of the lower for the Litecoin worth. There are a number of causes for this.
Most significantly, the LTC worth broke down from an ascending parallel channel. This helps the likelihood {that a} downward motion has begun.
Secondly, the every day RSI has fallen under 50 and has generated no bullish divergence. That is thought-about an indication of a bearish development.
In consequence, the most definitely Litecoin price prediction for March is a drop to the $64 horizontal assist space, which additionally coincides with the 0.618 Fib retracement assist stage. Afterward, a reduction rally may comply with.
This bearish forecast will probably be negated if the LTC worth reclaims the channel’s support line. In that case, a rise to $105 may comply with.
Lastly, the most definitely wave depend signifies that LTC accomplished a five-wave upward motion that took the form of a number one diagonal. If that’s the case, it’s now mired in an A-B-C corrective construction. This matches with the worth motion from the weekly and every day time frames.
To conclude, the most definitely Litecoin worth forecast is a gradual drop to $64. Reclaiming the channel’s assist line at $90 would invalidate this bearish outlook and will result in a rise towards $105.
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