LTC/USD potential to skyrocket above $100 is immense

Fibo Quantum

  • Litecoin price recovery stalling at $76 range limit.
  • a breakout out of the triangle could defy the odds and propel LTC towards $100.

Litecoin price currently is lethargic in a resistance range $70-76. The mundane trading comes after the drop to the major support at $70 last week. Several possible support areas failed to come to the rescue of the bulls. Litecoin infiltrated the tentative support at $90 and $80. Luckily, a balance was struck between bears at $70 resulting in a rebound.

The many attempts forged with a mission to push Litecoin back above $100 have been thwarted by the high presence of sellers. The upside has been limited at $76 while Litecoin is trading at $73.77. The false breakout from the symmetrical triangle fizzled out at $75.57.

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However, the buyers managed to keep the price above the 50 Simple Moving Average 1-hour. Besides, the 100 SMA 1-hour offers immediate support at $73.6. This means that a breakout out of the triangle could defy the odds and propel LTC towards $100. Moreover, trading above the range resistance at $76 will encourage the bulls to increase their positions.

For now, sideways trading will continue to cloud the current and the coming sessions in the short-term. The Moving Average Convergence Divergence (MACD) is leveling above 0.000 after recovering from -0.4154. The full stochastic oscillator signals a growing bearish momentum with its retreat from the overbought.

LTC/USD 1-hour chart