Litentry Breaks Out Of A Descending Triangle, Can Bulls Hit $1.2?
- LIT price creates more bullish sentiment as price hold above daily 50 EMA
- LIT looks more stable as bulls breakout of a descending triangle
- The price of LIT could face major resistance at $1.2
Litentry (LIT) has had a rough start to the year, but that could be shelved aside as the price looks more bullish recently against tether (USDT). Litentry (LIT) price has seen more of a downtrend in the bear market than an upside with the price struggling to regain the bullish structure and has failed each time with Bitcoin (BTC) price falling to a region of $18,700 affecting the price of the altcoin. (Data from Binance)
Litentry (LIT) Price Analysis On The Weekly Chart
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The crypto market hasn’t had the best price movement in recent times, but this can not rule out that some crypto assets have continued to show great strength bouncing from their lows and breaking out of their downtrends to establish a bullish momentum.
Despite showing less price movement in recent weeks as the price continued to trade below the key resistance level of $0.7, preventing the price of LIT from rallying high.
The price of LIT closed the weekly price looking more bullish as bulls pushed the price to break the resistance at $0.7, setting up a more bullish price movement ahead of the new week for the price of LIT.
The price of LIT faced price rejection from a region of $0.75 from trending higher after the news from the Consumer Price Index (CPI) and Federal Open Market Committee (FOMC) had a negative impact on the price of LIT. LIT price responded well as price rallied from a low of $0.55 with what seemed to be an area of interest for more buy orders.
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LIT’s price needs to break and hold above $1.2 for the price to rally to a higher region with more bullish sentiments; if the price of LIT gets rejected from this region, we could see the price retesting a region of $1-$0.8 acting as good support zones.
Weekly resistance for the price of LIT – $1-$1.2.
Weekly support for the price of LIT – $0.75.
Price Analysis Of LIT On The Daily (1D) Chart
Daily LIT Price Chart | Source: LITUSDT On Tradingview.com
In the daily timeframe, the price of LIT continues to look bullish as the price breaks out of a descending triangle after trading in a range of downward trends.
After respecting the downtrend line, the price of LIT formed, and the trendline continued to act as a resistance for the price of LIT as it failed to break above the line despite several trials. But the price of LIT built more strength, with the price breaking the trendline to set up more bullish sentiment ahead of a rally to $1-$1.2 with a possible higher target.
The price of LIT trades at $0.9 above the 50 Exponential Moving Average (EMA). The prices of $0.7 correspond to the price at 50 EMA for LIT on the daily timeframe.
Daily resistance for the LIT price – $1-$1.2.
Daily support for the LIT price – $0.75-$0.7.
Featured Image From Toptrading, Charts From Tradingview
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