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.
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.