Litecoin price analysis: LTC/USD upside runs into a snag marginally above $101; Bulls seeking balance above $99.00

• The price is forming another short-term bullish trend that is like to result in another breakout.
• The upper supply zone at $102 will pave the way for Litecoin price to attack critical $110 and $120 respectively.

Litecoin price is on the verge of another upside breakout, although the Bulls encountered stiff resistance marginally above $101. The bears entered shortly after pushing LTC/USD back below the pivotal $100. The price is forming another short-term bullish trend that is like to result in another breakout.

The price is slightly bearish on Tuesday afternoon (GMT) but it is supported at $99.00. The buyers are battling to escape the entrapments of the sellers. Similarly, the 23.6% Fib retracement level with the last swing high of $102 and a low of $93.2 is offering resistance to the upside at $100.

Further up, there is a supply zone at $102 and trading above this zone will open the door for Litecoin price to recoil towards $110 and the critical resistance at $120. The lower retracement levels are highlighting vital support areas. LTC/USD will find support from various levels including $97.5 (50% Fibo) and $90.00.

LTC/USD 15′ chart