- Litecoin price continued to stay above a major support area of $3.0 and looks set to challenge $3.20-30.
- There is a bullish trend line formed on the 4-hours chart of the Litecoin price, acting as a support area.
Litecoin price attempt to trade higher was successful, as it moved above a major pivot of $3.20 this past week.
$3.20 as Pivot
The Litecoin price after trading a touch above a major level of $3.20 started a correction. The price corrected as low as $3.00 where buyers appeared to prevent downsides and pushed the price higher. There is a bullish trend line formed on the 4-hours chart of the Litecoin price, which is currently acting as a support area and a move for an upside move. The best part is the fact that the price has settled above the 100 hourly simple moving average, which is a sign that buyers were able to push the price in the bullish zone.
The price is currently under a minor correction, and trading near the 38.2% fib retracement level of the last move from the $3.00 low to $3.20 high. Moreover, the Middle Bollinger Band and the 100 hourly simple moving average are positioned around the mentioned fib level. This is not all, as the highlighted trend line and support area is also around the same area. So, in short there is a major support formed around $3.10. A break below the same might call for more losses in the near term, which could take it towards $3.00.
On the upside, an initial resistance is around the last high of $3.20, which is a big hurdle for buyers.
Intraday Support Level – $3.10
Intraday Resistance Level – $3.20
The 4H RSI is above the 50 level, which is positive sign for buyers.
Charts coutesy of Trading View