Litecoin analysis – where is the price heading and how to identify the end of the correction?

Litecoin did not maintain the long-term support created from local lows and in the long run it is moving towards others support. In the short term, the price, as with most highcaps, does not indicate a local bottom either trend reversal. Therefore, bear sentiment has not changed yet and the price has room for another corrective leg.

The price goes to new support which is located on the surface roughly $ 115. No matter where the correction ends, it is necessary to create higher or at least as high local lows. Subsequently, the price should exceed the maximum between them and thus confirm the reverse pattern. We will monitor this situation in the future.

Source: TradingView

Litecoin still did not complete the correction

The fact that the price has room for a short-term decline is also confirmed by the indicator RSI, which is located in the neutral zone and does not indicate local bottom. FROM in the long term it must be said that the price continues the rising trend and reaches higher local lows. However, if the price fell below $ 115, this fact would be invalid.

End of correction Litecoin as well as most of the market will depend on BTC. The 40 percent dominance is still authoritative, and if the main cryptocurrency manages to find a definitive bottom, altcoin will succeed. However, the indecision of BTC, which would move in the sideway structure, is enough for the growth of some alts.