LTC is located in a short-term sideway structure, which it can represent the bottom of the previous correction. As with BTC, a potential reverse pattern is formed here 123 bottom formation which, unfortunately, has still not been confirmed. However, it is important so far that the price has ceased to reach declining lows.
As we can see in the chart below, the price has twice been able to exceed the last maximum in point 2 at $ 165. Until the price exceeds this value, the sideway structure will continue and reverse trend will not be confirmed. On the other hand, this structure is on long-term export.
LTC may be at a long-term minimum
The current structure may also represent long bottom and ending the correction. However, this scenario is still not definitively confirmed. If the price managed to exceed point 2, the nearest targets would be located at the level of $ 180 a point of control $ 200. Breaking resistance should also be supported by volumes.
In the long run Litecoin is located in a growing trend and since March 2020 it has not reached a single declining long-term minimum. The current potential minimum is located exactly in the previous zone. Therefore, if the correction were to continue, this trend would be violated.