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Technical Analysis for LTCUSD for 2nd March 2022

Litecoin Rebounds from a Multi-month Support Line, LTC Bulls Target $140

Litecoin's utility continues to increase based on on-chain data. Trackers on March 1 revealed that the median transaction value in Litecoin broke to all-time highs.

Past Performance of LTC

Litecoin buyers appear to be in control at spot rates. However, sellers are still in a commanding position. Although there has been a bounce from around the $100 round number, prices are tethered at multi-month support levels. In the near term, a comprehensive confirmation of February 28 gains could be a shot in the arm for optimistic bulls, driving prices back above the multi-week resistance trend line to $140.

Litecoin Technical Analysis

LTCUSDT is within a descending channel at press time, finding support from around June 2021 lows at $100. 

Aggressive LTC traders may find loading opportunities at spot rates, aligning with gains of February 2022 in anticipation of more price expansion towards $140. 

On a more positive outlook, risk-averse traders may wait for a sharp breakout above the descending channel. Afterward, targets could be at $140 and $160 as LTC prices bottom up after a 70 percent plunge from mid-November 2021.

What to Expect of LTC

Litecoin is directly correlated with Bitcoin. Therefore, gains by the former will support LTC bulls. Besides, Litecoin is being adopted, explaining rising median transactional value.

Resistance level to watch: $120

Support level to watch: $100

Disclaimer: Opinions expressed are not investment advice. Do your research.

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