Litentry Breaks Out Of A Descending Triangle, Can Bulls Hit $1.2?

  • LIT prices create more bullish sentiment if they are above the daily EMA 
  • LIT is more stable when bulls emerge from a ascending triangle
  • LIT may face significant resistance at $1.2 

Litentry (LIT), despite having a slow start to 2017, could see a rebound as its price has been more bullish than tether ($USDT) recently. The price of Litentry has been in a bearish trend and the upside has not materialized. Bitcoin (BTC), price fell to $18,700, affecting the value of altcoins. Data from Binance

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.

The price of LIT has not rallied high despite showing less price movement during recent weeks. It traded at $0.7 below its key resistance level.

LIT’s weekly closing price looked more bullish. Bulls drove the price above $0.7 resistance, creating a bullish price movement for LIT ahead of next week.

LIT price was rejected from $0.75 to trend higher following the negative news from Federal Open Market Committees (FOMC), and Consumer Price Indexes (CPI). LIT’s price rose well from its low at $0.55, with an indication of more buying 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.

LIT Daily Price Analysis (1D) Chart

Source: LITUSDT on| Source: LITUSDT On

LIT’s daily price continues to be bullish, breaking out of the descending triangle that it formed after trading in several downward trends. 

The price of LIT formed after it remained within the downtrend. However, the trendline acted as resistance and failed to move above the line in spite of many trials. LIT’s price gained strength as it broke the trendline. This set up more bullish sentiment in anticipation of a rally that could reach $1-$1.2, possibly with a higher target.

LIT prices trade at $0.9 more than the 50 Exponentially Moving Average (EMA). These prices correspond to $0.7 for LIT at the current 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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