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LTC analysis – what does a bearish scenario look like if the price does not maintain support?

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LTC, like most cryptocurrencies on the market, reaches a potential 123 bottom formation, which, unfortunately, is still not confirmed. We cannot determine with certainty whether it has already occurred end of correction. Although the market price is on a relatively long-term basis, but even this support may not last if the correction continues throughout the market.

To confirm the price trend reversal and the continuation of the growing trend needs to be overcome the last local maximum in point 2 at the level of $ 230. Until then, the price of the sideway may go to the mentioned export. Subsequently, it would exceed the mentioned maximum. On the other hand, the price would not have to maintain this support.

LTC / USD 4H.  Source: TradingViewLTC / USD 4H. Source: TradingView

The LTC needs to cool down

If the price Litecoin will not maintain support and will fall under point 3 and the correction in the market will prevail again, there is also the most bearish scenario in the game. In this scenario, the price would fall to key support for point of control 180 $. In any case, the market needs to cool down and the growing trend needs to pick up again.

RSI converges with the price chart and therefore does not indicate opposing behavior. Volumes are slowly shrinking, which is a harbinger that volatility will soon increase again. The current stoppage of the correction is very short-lived so that we can talk about its end. In addition, the price still did not confirm the reverse pattern.

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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