Litecoin price analysis: LTC/USD jumps above $77.00, ready for a short-term setback

• The 5th largest asset is one of the best-performing coins on Monday.
• Litecoin is bullish from the long-term perspective, but vulnerable to the short-term correction.

Litecoin (LTC) is changing hands at $77.72. The fifth largest digital asset with the current market value of $4.5B has gained over 4% since the start of the Asian trading on Monday,  and over 5% in recent 24 hours. Thus, LTC had become one of the best performing coins of the day so far.  

LTC/USD bottomed out at $72.30 on Monday and has been recovering ground since that time. However, it is still notably lower the recent high of $83.23 reached on April 19.

Looking technically, LTC/USD recovery seems to be capped by 50.0% Fibo retracement level at $79.75. Once it is cleared, the upside will gain traction with the next focus on the above-said April 19 high followed by 38.2% Fibo retracement at $84.00.

On the downside, the initial support lies with $77.00 handle, strengthened by SMA100 (1-hour). It is followed by $76.30  (SMA100 1-hour) and 75.15 (61.8% Fibo retracement).

The intraday RSIs turned downwards, which means that the coin is vulnerable to the short-term bearish correction. However, on a daily chart, the RSI points upwards, consistent with the long-term bullish forecast.

LTC/USD, 1-hour chart