Litecoin (LTC) Daily Price Forecast – March 7

LTC/USD Medium-term Trend: Bullish

·         Resistance Levels: $66, $68, $70

·         Support Levels: $40, $38, $36

Yesterday, March 5, the price of Litecoin was in a bullish trend zone. The bulls continued to trend higher as the crypto’s price reached a high of $56.60. The bulls have earlier overcome the resistance at the $50 price level as the crypto’s price trends higher. On the upside, if the crypto’s price is sustained above the EMAs, the price of Litecoin is expected at the $70 price level.

On the downside, if price breaks below the 12-day EMA and the 26-day EMA, the crypto is likely to resume a downward trend. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, the crypto’s price is above the EMAs which indicate that price is in the bullish trend zone.

LTC/USD Short-term Trend: Bullish

On the 1-hour chart, the price of Litecoin is in the bullish trend zone. The 12-day EMA and the 26-day EMA are trending northward indicating the bullish trend. The crypto’s price is trading at $58 as at the time of writing.

The crypto’s price is above the EMAs which indicate that price will continue to rise. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. The LTC price is above the EMAs which indicate that price is in the bullish trend zone.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

Source: https://bitcoinexchangeguide.com