- Litecoin spikes 8% on the day, while selected coins and altcoins join in Bitcoin (BTC) Bull Run.
- The buyers have their eyes on $90.00, but a break above $92.00 would bring $100 in sight.
Litecoin price is battling to follow in the footsteps of Bitcoin which has broken above the critical multi-month resistance at $8,000. Selected coins and altcoins in the market are also correcting slightly higher. Bitcoin Cash, for example, is up over 10% on the day while Litecoin has jumped 8%.
LTC/USD has been trading up and down the 38.2% Fib retracement level with the previous swing high of $101.14 and a $72.92 low since July 23. Litecoin rejected the support at $84.00 again yesterday and a slide that followed tested the support at $80.50. The cryptocurrency spiked again on today, clearing the resistance at $84.00 (immediate breakout). The price is currently trading at $87.8 while testing the immediate resistance at $90.00.
Significantly, the trend is strongly bullish and technical indicators like the RSI and the stochastic are sending bullish signals in the near-term. A contracting triangle pattern is also forming on the 2-hour chart. This means that another stronger breakout is in the pipeline in the short-term.
The 61.8% Fib retracement level taken between the lows of $72.92 and the highs of $101.14 is immediately supporting the price at $87.12. LTC/USD is likely to overcome the resistance at $90.00 while the upper key supply zone is at $92.00. This level could pave the way for Litecoin to revisit $100.
LTC/USD 2-hour chart
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