Litecoin (LTC) Price Analysis for March 7

Read U.TODAY on

Google News

The rates of the top 10 coins are going down, according to the CoinMarketCap ranking.


Litecoin (LTC) is not an exception to the rule, going down by 2.38%.

On the hourly chart, the price of Litecoin (LTC) may have found the local support at $85.21. If buyers can hold the mark above it until the end of the day, the growth may continue to the middle of the channel, to around the $87 area.

A similar situation can be seen on the bigger time frame as the price has made a false breakout of the support at $85.30. However, it is too early to think about fast growth as the altcoin needs more time to accumulate energy.

In this regard, consolidation in the range of $86-$90 is the more likely scenario.

On the daily chart against Bitcoin (BTC), the price of Litecoin (LTC) has once again touched the support at 0.0038. Currently, traders should pay attention to the daily closure. If it happens near the mentioned mark, the breakout might be a prerequisite for a sharp drop to the 0.0037 area.

Litecoin is trading at $85.85 at press time.