Litecoin price analysis: LTC/USD retreats from $90.00, but bulls will be back

• LTC/USD gained 6% since the start of the day.
• Long-term trend is bearish as long as the coin trades below $90.00 handle.

Litecoin is changing hands at $86.46, off early Asian high reached at $89.94. The coin gained 2.2% on a daily basis  and over 6% since the start of Tuesday. While the early gains proved to be unsustainable, Litecoin has a potential to resume growth after a short-term correction from an overbought territory. The market value of the seventh largest coin settled at $5B, the average daily trading value is registered at $363M.

Litecoin’s technical picture

From the technical point of view, LTC/USD stays below psychological $90.00 due to profit-taking. The long-term trend is bearish as long as this resistance remains unbroken; however, on the intraday level, Litecoin develops a convincing upside trend, which means that the bulls still have a chance to make another attempt at the above said resistance, provided that the sentiments on the cryptocurrency market are positive.  

Once this level is cleared, the price will move to 23.6% Fibo at $99.41 and continue moving upwards to the ultimate bullish goal at psychological $100. On the downside, the local support is provided by $94.46 (200-SMA, 1-hour chart), which is closely followed by $83.45 (50-SMA, 1-hour chart).

LTC/USD, 1-hour chart