- Litecoin price after climbing higher started to consolidate gains and mostly traded with a bullish tone.
- There is a bullish trend line formed on the hourly chart (price feed from HitBTC), i.e. acting as a buying zone in the short term.
- On the upside, a break above $3.70 could ignite another rally higher may be towards $4.00.
Litecoin price continued to strengthen after the recent surge, and it looks set for more gains as long as it stays above $3.50.
Trend Line Support
Litecoin price rocketed higher recently to trade near $3.83 where gains were stalled, and the price started consolidating. The price even corrected lower and tested the 38.2% Fib retracement level of the last wave from the $3.20 low to $3.83 high (price feed from HitBTC). Currently, there is a support trend line formed on the hourly chart, which is acting as a protector for the downside move and preventing losses.
The highlighted trend line and support area holds a lot of importance, as a break below it may extend the current correction phase. In that