Looking at the chart, the price succeeded in moving above the $96 level and the 100 hourly simple moving average. There was also a break above the 50% Fib retracement level of the last decline from the $101.53 high to $95.22 low.
However, the upside move was capped by the $100 resistance zone. Moreover, the 61.8% Fib retracement level of the last decline from the $101.53 high to $95.22 low also acted as a resistance.
At the moment, the price is consolidating below the $100 level and above the 100 hourly simple moving average. It seems like the price is well supported on the downside above the $95 level. More importantly, yesterday’s highlighted important ascending channel is intact with support at $97.00 on the hourly chart of the LTC/USD pair.
Therefore, if the price corrects lower, the 100 hourly SMA, $97.00 level, and the channel support are likely to hold declines in the near term. Below $97.00, litecoin price may revisit the $95.00 swing low.
On the upside, LTC buyers must clear the $100 barrier to continue higher. The next key hurdle to the topside is at $103, which acted as an important breakout resistances on many occasions.
Overall, the price may perhaps slowly move higher as long as above $97.00.