Technical Analysis for LTCUSD for 2nd March 2022
Litecoin Rebounds from a Multi-month Support Line, LTC Bulls Target $140
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
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