- Litecoin price surged higher and traded close to $9.00 where there was a major selling interest.
- The price declined heavily and fell by more than 25% to trim most of its gains.
Buyers managed to take prices higher, but they failed to maintain gains which ignited a downside reaction.
Litecoin price once again moved higher as forecasted in this past week’s weekly analysis. There was a sharp upside move taking the price towards $9.00. The price failed miserably around the mentioned resistance area, which ignited a downside move.
Importance of a bullish trend line
There is a bullish trend line formed on the 4-hours chart, which is acting as a support for the price and might continue to help buyers. The best part is the fact the 100 simple moving average on the 4 hours chart is aligned with the highlighted bullish trend line. Moreover, the Lower Bollinger Band is also sitting around the recent low of $2.71. In short, the stated level might turn out to be a major support area in the short term, and if it holds a correction is likely.
However, it would be very tough for buyers to take the price higher