Litecoin Price Weekly Analysis – Sellers To Be Tested

Key Highlights

  • Litecoin price after finding support around $3.24 traded higher, but facing an important hurdle on the upside.
  • There is a major bearish trend line formed on the 4-hours chart of Litecoin, which is holding gains in the near term.

Litecoin price making an attempt to move higher, but sellers are facing some key resistance areas which are needed to be breached.

It looks like that after the monstrous decline as mentioned in one of the previous analyses, the Litecoin price is finding buyers around $3.20 support area. The price made an attempt to correct higher, but it faced hurdles. The most important one was the bearish trend line on the 4-hours chart. Moreover, the 23.6% Fib retracement level of the last drop from $8.98 to $3.24 is also coming into play to act as a resistance.

What’s Next?

There is one more important thing to note, as the price is struggling to settle above the 100 simple moving average (H4). We can say that buyers facing a tough test and it would be hard for them to take the price higher. If they manage to do so, then the next barrier for them could be around the 38.2% fib level. The $5.50 level acted

Read more ... source: TheBitcoinNews