- LTC/USD is rangebound, supported by SMA50.
- The short-term upside potential is not exhausted.
Litecoin (LTC) is stuck in a range limited by 23.6% Fibo retracement from the recent upside move at $90.00 and 38.2% Fibo retracement at $84.50. The price attempted a bearish breakthrough on Thursday, but fresh buying interest on approach to $80.00 helped to return to $88.30 by the time of writing.
Now the 4th largest digital coin with the current market value of $5.3B and an average daily trading volume nearly $4B, stays unchanged on a day-on-day basis with 3.5% of gains since the beginning of the day.
Considering that the intraday Relative Strength Index has turned downwards, we may suggest that LTC is likely to retrace from the current level towards the initial support at $86.40 created by SMA50 (1-hour). Once it is broken the above-said 38.% Fibo will come into focus. Bulls will defend this barrier, though if it is broken, the sell-off will continue towards critical $80.00.
On the upside, the bullish momentum will gain traction upon a clear move above psychological $90.00 and $90.20. This development will open up the way towards $100.00
LTC/USD, 1-hour chart
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