Litecoin Price Analysis – March 7

Azeez Mustapha

Litecoin, LTCUSD, CryptoCompare chart

LTCUSD Medium-term Trend: Bearish

Resistance: $205, $200, $195

Support: $175, $180, $185

Yesterday, the LTCUSD pair was in a sideways movement but now has a bearish outlook. The price has fallen to $192.10 as at the time of writing. However, 50-day moving average and 20-day moving are trending southward whereas the RSI period 14 is level 29 indicates that the market is oversold suggesting bulls to take control of the market. Litecoin price may continue to fall until it gets to the support level of $190.

On the other hand if it rises it will encounter resistance at $200 and if that level is broken then the price will soar higher to the level of $230. If the price of Litecoin falls the support levels will be breached. If the price is falling traders should wait for the price to get the support levels then take long trade.

LTCUSD Short-term Trend: Bearish

Litecoin, LTCUSD, CryptoCompare chart

In the short term trend, the daily chart has a bearish outlook. We have the daily chart showing price retracement from the low and creating opportunities for short trades. Meanwhile, 50-day moving average and 20-day moving average are trending southward whereas the RSI period 14 is level 44 indicating that the market has reached the sideways trend zone.