LITUSDT Navigating the Bear Flag with Key Levels to Watch

LIT/USDT is trading under significant resistance from a trendline that has held its ground through two separate tests. This established trendline showcases the coin's difficulty in surmounting this barrier. Whereas, currently, the price trajectory suggests the formation of a bearish continuation pattern. Notably, a bear flag seems to be in the making, which, if it plays out, will amplify bearish sentiments.

We should be vigilant for a potential price test towards the immediate resistance zone depicted on the chart. This zone coincides with our robust trendline, making it a critical area of confluence. Should there be a price rejection from the aforementioned resistance, it's plausible to witness a bearish dive. The immediate support, in this case, aligns with the pattern's bottom trendline situated around the 0.49 mark.

A decisive breakdown from here could propel the price towards the pattern's targeted zone, approximately at 0.15.

Although, at present, my eyes are set on a potential long opportunity. The current setup offers an enticing risk-reward ratio, but it's imperative to maintain a tight stop-loss, preferably just below the 0.49 level.

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