The Litecoin (LTC) price prediction for March is bearish. The price has likely begun a correction after increasing for more than six months. The correction is expected to continue throughout March.
The Litecoin price started to fall under a long-term descending resistance line after its 2021 high of $413.65. The decrease led to a low of $40.25 in June 2022.
While the price has increased since it failed to break out from the descending resistance line. Rather, it was rejected by the confluence of the resistance line and the $105 resistance area on Feb. 17 (red icon). The LTC price has fallen since.
While the weekly RSI is still above 50, the trend can only be considered bullish once the Litecoin price breaks out above these levels. In that case, an increase to an average price of $280 could follow.
On the other hand, the closest horizontal support area would be at $64.
Litecoin (LTC) Price Prediction for March: Correction Ahead
The technical analysis from the daily time frame supports the continuation of the decrease for the Litecoin price. There are several reasons for this.
Most importantly, the LTC price broke down from an ascending parallel channel. This supports the possibility that a downward movement has begun.
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Author: Valdrin Tahiri
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