Lition (LIT) Aims for Higher Prices After Reclaiming Support

Share Article
In Brief
  • LIT has bounced at the $3.95 support area.

  • There is resistance at $9.85 and $13.20.

  • The current drop looks corrective.

  • promo

    Stake your points and qualify for the 200,000 USDT prize pool. Start staking now!

The Trust Project is an international consortium of news organizations building standards of transparency.

After consolidating below it for more than two months, Lition (LIT) has broken out from the $3.95 area and validated it as support afterwards.

Sponsored



Sponsored

While technical indicators provide a relatively neutral picture, the price action is firmly bullish.

LIT bounces at support

On Aug 9, LIT broke out from the $3.95 horizontal area, which had been acting as resistance since May 19. It proceeded to reach a high of $5.98 before falling once more.

Sponsored



Sponsored

However, it bounced once it reached the $3.95 area, validating it thrice as support (green icon). Therefore, the $3.90 area is now expected to act as support.

Technical indicators provide a mixed outlook. The MACD is positive but decreasing, while the RSI is at the 50 line.

Therefore, while the price action looks bullish, technical indicators are neutral.

Chart By TradingView

Future movement

Cryptocurrency trader @Thebull_crypto outlined a LIT chart, stating that it could increase towards $10.

Source: Twitter

The $9.85 area is both the 0.618 Fib retracement resistance level and a horizontal resistance area. Therefore, if LIT initiates an upward movement, it would be the most likely area to act as resistance.  The next resistance area above it is at $13.20.

Chart By TradingView

A look at the six-hour chart supports this assessment. The overlap between the previous low and current high indicates that the decrease was corrective in nature.

Furthermore, both the RSI and MACD are moving upwards. The former is nearly positive, while the latter has already moved above the 50 line.

Therefore, it is likely that LIT will move upwards, potentially increasing towards the previously outlined resistance levels.

Chart By TradingView

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

Follow Author

Limited offer! Learn to mine and trade crypto today for free

Join

Earn up to $10,000 USD every week in CoinFLEX AMM+ Arena!

Earn Now

Be our Supreme Scorer and qualify for a grand prize pool of 200,000 USDT!

Join