- LTC/USD has grown by 10% since this time on Wednesday.
- The short-term upside potential is not exhausted.
Litecoin (LTC) came close to critical $100.00 late on Wednesday, only to retrace to $88.52 by the time of writing. The 5th largest digital coin with the current market value of $5.3B and an average daily trading volume $6B, which is nearly six times bigger than long-term figures, gained over 10% on a day-on-day basis and became on of the best performing cryptocurrencies of the day.
On the intraday charts, the price is moving within a range limited by 23.6% Fibo retracement from the recent upside move at $90.00 and 38.2% Fibo retracement at $84.50. Considering that the intraday Relative Strength Index has turned higher, we may suggest that LTC has an upside potential within the current range.
Once the above-mentioned resistance is cleared, the upside momentum will gain traction with the next focus on $94.00 followed by the recent high at $99.47.
On the downside, a move below the said 38.2% Fibo retracement will open up the way towards $80.50 strengthened SMA50 (1-hour) and followed by psychological $80.00.
LTC/USD, 1-hour chart
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