In Today’s post we take a look at the litcoin price action. The litcoin recently broke past the consolidation levels. We saw buyers push the market above resistance level 208.072. Since then price has formed an engulfing bullish candle which found Resistance at level 294.880. We lastly wrote about this pair in February. During that period price traded at level 166.41299. The link below can be used as reference for proper understanding. https://fxsits.com/will-the-litcoin-continue-its-bullish-momentum/ .
We’ll talk about the Litcoin price potential of reaching its higher high. If we take a look at both the daily and the H4 charts. We can see how price failed to break past Resistance level 294.880 and now trades below at price 262.83. By the time of this post we see how price struggles getting past this zone. We also see how price found support at level 258.145 which it currently trades above.
If price does persist and continues it bullish run. Chances are we could see it break past the Resistance level. Only then may we see price reached new higher highs. However, if we see price move bearish and break the support level and hold. Then Fibonacci 38.2 may be reached. Incase price doesn’t hold it may move to Fibonacci level 50.0. We can only be patient at the moment to observe how the price may playout. Our analysts believe price still holds potential for a strong bullish run in the next upcoming market sessions , weeks and months reason being the ultimate usage of cryptocurrencies in payment are increasing .
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