- Litecoin price could stay in consolidation between $76 and $80 before the lift-off to $100 comes.
- Technical indicators start to send ranging signals ahead of the anticipating selling pressure at $80.
Litecoin price managed to find support at $68 after the weekend rejection from $84. The downtrend was unstoppable below various resistance levels at $80 and $76 and $72. Buyers anxious to buy low entered the market at $68, pulling LTC/USD towards $80.
Unfortunately, the bulls lost their mojo short of $80 and Litecoin price formed a weekly high at $79.15. The region at $76 has been confirmed as key support while on the upside, the bulls are fighting with the congestion of sellers at both $78 and $80. A boost past $78 is likely to open the gate for more entries and pull the price above $80; towards the yearly highs at $84.
Looking at the Ichimoku cloud indicator, Litecoin is relatively bullish. The price sits comfortably above the cloud which currently highlights several support areas including $76, $74 and $72. The RSI indicates that sideways action is the most likely trend in the near term. Therefore, Litecoin could stay range bound between $76 and $80 in the coming sessions.
As long as the price stays above the Ichimoku cloud, the bulls need only a minor boost to start believing in the potential of LTC hitting $100 before March.
LTC/USD 1-hour chart
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