Lition (LIT) aims higher after jumping from support

After consolidating below the $ 3.95 zone for over two months, Litentry (LIT) eventually broke out and subsequently confirmed it as a support.

While technical indicators paint a relatively neutral picture, the price action is definitely bullish.

LIT breaks off from support

On August 9th, the LIT broke above the $ 3.95 area that has acted as resistance since May 19th. It continued to hit a high of $ 5.98 before falling again.

However, the price bounced as it hit the $ 3.95 area, confirming it as a support (green symbol) three times. Hence, the USD 3.90 zone is now expected to act as support.

Technical indicators offer a mixed outlook. The MACD is in positive territory but is bearish while the RSI is just below the 50 level.

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

LIT / USDT daily chart | Source: TradingView

Future movement

Trader @Thebull_crypto sketched a LIT chart and said it could go as high as $ 10.

The source: Twitter

The USD 9.85 zone is both a 0.618 fib retracement resistance and a horizontal resistance area. Therefore, if the LIT starts moving up, this area is likely to act as a strong resistance area. The next area of ​​resistance is at $ 13.20.

LIT / USDT daily chart | Source: TradingView

The six-hour chart supports this possibility. The overlap between the previous low and the current high suggests that this decline is a correction.

In addition, both RSI and MACD are increasing. Where the MACD is about to transition into the positive zone and the RSI has moved above the 50 level.

Therefore, the LIT is more likely to increase and reach the resistance ranges described above.

LIT / USDT 6-hour chart | Source: TradingView

You can see the LIT prices here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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