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Litecoin analysis – the end of the correction is approaching, but the price is still looking for a bottom

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Litecoin again reached a declining maximum and the price again continues to correct. So we are heading to the accumulation zone, but we still have not reached a growing minimum. This is true of most markets, and the fact that we are near the end of the correction, but so far without definitive confirmation of the bottom. It will be essential to create the same or increasing minimum.

Otherwise, we will wait for the new bottom again. Home support zone is located in the range of $ 125 to $ 105. However, it may take until the price actually stabilizes in this zone and creates the necessary accumulation structure. Meanwhile, the price continues in a corrective structure, which is slowly losing momentum.

Litecoin continues to declineSource: Tradingview

Litecoin is looking for a bottom

If we want to create an accumulation zone and the price subsequently goes up in the future, it would be necessary to achieve growing bull volumes. They are still absent. If the price bounces up in the future, a break of the $ 155 can mean a reversal of the rising trend. Consequently, it is the largest resistance at point of control 180 $.

If the price stagnates between $ 125 and $ 105 in the long run, it will probably be accumulation zone. We even had a similar structure in June and July last year. We could expect something similar today. However, no one knows how long this zone will last.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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