- Litecoin price corrected sharply higher this past week and following a nice bullish trend line on the 2-hours chart (data feed from HitBTC).
- As long as the price is above the trend line, there is a possibility of a move towards $4.00-20.
- There is another support trend line formed on the hourly chart (price feed from Bitfinex), which is helping buyers to take the price higher.
Litecoin price recovered after trading as low as $3.50, and currently trading above an important support area that holds the key moving ahead.
Trend Line Support
Litecoin price slowly grinded higher this past week, and we continued to follow a bullish trend line on the 2-hours chart (data feed from HitBTC). The highlighted trend line and support area played well and gave us many buying opportunities. However, we need to be very careful moving ahead, as the momentum is very less and there is no increase in volumes. Moreover, it looks like sellers already made many attempts to break the highlighted trend line, which means the chance of a break lower increased over time.