Litentry Breaks Out Of A Descending Triangle, Can Bulls Hit $1.2?
03 Octubre 2022 - 4:10AM
NEWSBTC
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) Related Reading: TA:
Ethereum Price Recovery Could Soon Fade If ETH Fails To Surpass
$1,350 Litentry (LIT) Price Analysis On The Weekly Chart 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. 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 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. Related Reading: Quant (QNT) Marks Positive
Movement When Major Coins Face Dumps Featured Image From
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