Litecoin Price Analysis: LTC/USD Remained Range Bound
Litecoin price corrected higher above $100 against the US Dollar. LTC/USD tested the $100 resistance, which acted as a barrier for buyers.
Key Talking Points
Litecoin price made an upward move towards the $103 resistance level (Data feed of Kraken) against the US Dollar before recovering.
There is a new connecting bullish trend line forming with support at $96 on the hourly chart of the LTC/USD pair.
The pair may correct lower towards the $97-95 area, but it is likely to remain in a range.
Litecoin Price Forecast
There was a minor upside move initiated from the $90 swing low in litecoin price against the US dollar. The LTC/USD pair traded above the $95 and $98 resistance levels to move into a short term bullish zone.
Looking at the chart, the price even traded above the 50% Fib retracement level of the last decline from the $108 high to $88 low. There was even a break above a major resistance at $100.
However, the upside move was capped by a crucial resistance near $103 and the 100 hourly simple moving average. The 76.4% Fib retracement level of the last decline from the $108 high to $88 low also acted as a hurdle and prevented gains.
As a result, the price started a short-term downside move and is currently trading below the $100 level. On the downside, there is a new connecting bullish trend line forming with support at $96 on the hourly chart of the LTC/USD pair.
If the price continues to move down, it is likely to find support near the $97 and $95 levels. Below this last, the price may perhaps test the $90 level.
The overall price action is slightly negative below the $100 and $103 resistance levels. However, the $90 support zone is also crucial in the short term. Therefore, the price may perhaps trade in a range for a few sessions before the next move either above $103 or below $90.