- Litecoin price continued to move lower, as there was a lot of bearish pressure and buyers struggled to take the price higher.
- There is a bearish trend line formed on the hourly chart, which is preventing gains in the near term.
Litecoin price traded lower and fell close to $2.40 before finding buyers to protect additional losses.
There was a sharp downside reaction this past week, as the price dived towards $2.40. However, there was a nasty reaction noted around the mentioned area, as buyers pushed the price higher. Now, there is a bearish trend line formed on the 4-hours chart, which is preventing gains in the near term. The price recovered and traded above the 23.6% Fib retracement level of the last drop from $3.70-$2.40.
100 SMA and 50% Fib Confluence
The price is currently struggling to clear the 38.2% Fib level, and there was a failure once around it. The bearish trend line and the Middle Bollinger Band is positioned around the stated fib level. However, the most important resistance is situated around the 50% Fib level, as it is positioned with the 100 simple moving average (4hours). So, if buyers manage to clear the trend line resistance area, then the next