- LIT price is creating more bullish sentiment as the price is holding above the daily EMA of 50
- LIT looks more stable as bulls break out of a descending triangle
- LIT price might face a major resistance at $1.2
Litentry (LIT) has had a tough start to the year, but that might be brushed aside as the price has been looking more bullish against Tether (USDT) of late. Litentry (LIT) price has seen more of a downtrend than an uptrend in the bear market, with the price struggling to regain the bullish structure, and has failed each time as Bitcoin (BTC) price fell to a region of $18,700 is what impacted the price of the altcoin. (Binance data)
Litentry (LIT) price analysis on the weekly chart
The crypto market hasn’t had the best price action lately, but that can’t rule out the fact that some crypto assets have continued to show great strength, bouncing off their lows and breaking out of their downtrends to establish bullish momentum.
Although there has been less price action over the past few weeks as the price continued to trade below the key resistance level of $0.7, this prevented the price of LIT from surging high.
LIT price closed the weekly price looking more bullish as bulls pushed the price to break the $0.7 resistance, sparking a more bullish price move ahead of the new week for LIT price.
LIT price was rejected from a region of $0.75 as it trended up after Consumer Price Index (CPI) and Federal Open Market Committee (FOMC) news had a negative impact on LIT price. LIT price reacted well as the price rallied from a low of $0.55 in a range that appeared to be of interest for more buy orders.
LIT price needs to break and sustain above $1.2 for the price to rally to a higher region with more bullish sentiments; If LIT price rejects from this region, we could see the price retest a region of $1 to $0.8, which act as good support zones.
Weekly resistance for LIT price – $1-$1.2.
Weekly support at the price of LIT – $0.75.
Price analysis of LIT on the daily chart (1D).
Daily LIT price chart | Source: LITUSDT On Tradingview.com
On the daily time frame, LIT price continues to look bullish as the price breaks out of a descending triangle after trading in a series of downtrends.
After respecting the downtrend line, LIT price formed and the trendline continued to act as resistance for LIT price as it failed to break the line despite several attempts. But LIT’s price built more strength, with the price breaking the trendline to generate more bullish sentiment ahead of a rally to $1-1.2 with a possible higher target.
LIT price is trading at $0.9 above the 50 Exponential Moving Average (EMA). The $0.7 prices correspond to the 50 EMA price for LIT on the daily timeframe.
Daily resistance for LIT price – $1-$1.2.
Daily support for LIT price – $0.75-$0.7.
Featured image from Toptrading, charts from Tradingview
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