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Litecoin analysis – the price stopped, but the bounce was negligible

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Litecoin is currently located at support line about $ 105. LTC even managed to create two rising short-term lows and increase volumes, which means a recovery in willingness trade cryptocurrency. Nevertheless, we still do not see a proper bounce of the price upwards, which is still far from reversing the trend.

To quit correction structure we need to break through the last local maximum, which is located in the zone around point of control $ 150. However, the price is more than $ 40 lower. Therefore, let’s focus on creating another local minimum, which must not fall under the previous one.

Litecoin and supportSource: TradingView

Litecoin and support

Although the last lows are both rising, they are very short-lived to give them a lot of weight. Next one support can be tracked at $ 80. Although the RSI indicated an exit from the oversold phase, it is more about identifying extremes than changing trends. Although the correction is probably nearing its final stage, the price may still fall.

The continuation of the correction largely depends on the future movement of BTC. The altcoin analyzes are, with some exceptions, more or less the same and the volatility is almost identical. The eyes of all participants are therefore focused on creation gout of BTC correction. As a result, altcoins would also find a bottom.

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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