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The price of LTC could reach $ 85 if bulls repeat the + 15% rally managed in the past 24 hours
Litecoin (LTC) hit a year-to-date high of $ 75.92, although it is slightly lower at the time of writing.
But the intraday high is its highest price level since the beginning of March.
While Bitcoin grabs attention as it approaches $ 17,000, Litecoin has virtually outperformed all major altcoins in the top ten slots by market cap.
LTC has currently increased by over 15% in the past 24 hours and by over 25% in the past seven days.
If the bulls could take another leap to bring LTC above a long-term resistance line near $ 80.00, the $ 100 scopes wouldn’t be too far off.
At the time of writing, LTC / USD is trading around $ 73.50. As can be seen in the chart below, the $ 70.00 level is crucial for the bulls. Conversely, the short-term technical outlook suggests that the bears may attempt to capitalize on earnings booking to push the price lower.
LTC / USD daily chart
The LTC / USD pair retreated from its intraday highs, but the daily chart suggests that the bulls still hold the lead. As per the chart, the main goal for now is to keep prices above $ 70.00.
In case that fails, the bulls will have a clear path to the upside if they avoid damage to the daily pivot around $ 66.76.
However, they will have to regroup quickly after the planned retirement. Here, a new psychological assault on $ 80.00 could include a retest of the annual high around $ 85.00.
But as the RSI suggests, the massive hike has pushed Litecoin into overbought territory. Therefore, an inflow of downward pressure could accelerate a break below the $ 70.00 critical support line.
If the bears manage to fight the bulls, the first major support zone would be around last week’s highs near $ 66.76.
The 61.8% Fibonacci retracement level of the swing high from $ 56.45 down to $ 66.76 up offers a break at $ 63.41.
Meanwhile, the 38.2% Fibonacci retracement is a support level turned resistance at $ 62.19.
If the bears still have appetite for more slaughter, the LTC / USD bulls will rely on the huge support wall at the moving averages. The 20-SMA and 50-SMA on the daily chart provide a buffer zone at $ 60.12 and $ 54.00.
