As early as 2 weeks ago, a local downward trend began on the LTC market, which successfully corrects the previous wave of growth from February 28. Unsuccessful attempt of buyers on March 15 to gain a foothold above the range of $208-215 ended with the activation of sellers. In fact, for 5 days, the LTC price consolidated below the $208-215 range before starting a new downward impulse.
The main struggle in the LTCUSDT market was fought around the mark of $195 and $215 . In the previous idea, we indicated that if buyers keep $ 193-195, they will be able to break through $ 208-215:
The mark of $195 also played a key role on March 24th. It was after a weak test by buyers of this range that the LTC price fell by 13% in a few hours.
Thus, sellers managed to test the range of $170-175. At the moment, the LTC price is moving in a local channel of decline. The critical point for sellers is at $ 187. If buyers manage to take control of this mark, we will expect a re-test of $208-215.
However, in our opinion, in order to start a new wave of growth, buyers need to pass the test again in the range of $170-175. In a negative scenario, the price of LTCUSD will continue to move in the white channel of decline. Therefore, it is worth closely monitoring the re-test of $170-175 and making decisions. __________________________ We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements. Subscribe to us and get daily concise analytics!