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Litecoin dropped in the short term but the correction could be over soon. The price action developed a bullish pattern. If this formation is confirmed, LTC/USD will give birth to a new leg higher.
The crypto was traded at 253.22 at the time of writing above 243.86 today's low. In the last 7 days, LTC/USD is up by more than 26%. In the short term, the crypto slipped lower also because the price of Bitcoin has retreated after reaching a fresh all-time high of 69,000.
Litecoin retreated after failing to stabilize above 300.00 psychological level. It has developed the Falling Wedge pattern. Still, the pattern is far from being confirmed. The rate dropped below the 50% retracement level, but it has rebounded and now is traded far above it.
The area of 237.88 - 232.64 stands as a support area. It remains to see if the sellers will be strong enough to be able to push the rate down towards this demand zone.
After the correction ends, we may have good long opportunities. Staying above the 237.88 - 232.64 area and making a valid upside breakout from the Falling Wedge could signal a new leg higher, an upwards movement.
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