Litecoin analysis – price was bounced from the bottom. Is this the absolute bottom of the correction?

Litecoin has been holding support for the second week and the price is moving more or less the sideway. Volumes have increased in this zone, indicating a willingness to trade LTC. Support $ 100 however, it is not just a two-week affair. This support has been tested in the past for long-term lows. On the other hand, the existence of support does not guarantee that it will also be respected.

The market price is currently struggling with the previous short-term high within sideway structure. If the rising trend continues, then the nearest target is at $ 120. Although we have identified a local bottom, we cannot say with certainty that this is an absolute bottom long-term correction.

Did Litecoin find the bottom of correction? Source: TradingView

Litecoin on a long-term bottom?

If we wanted to consider reversing the primary trend, the price would have to exceed previous long – term maximum of $ 153. However, we are still far from this scenario. In addition, the breakdown of long-term resistance from the maximum correction would be confirmed. Therefore, it is premature to talk about an absolute day of correction.

If BTC couldn’t break through $ 40,000 and headed to a new low, altcoin prices would fall under the supports as well. This is not the case with Litecoin either. In such a scenario, it is possible that long-term support would not be maintained and the price would look for new correction bottom.