FxNews—Litecoin prices held firm above the %50 Fibonacci retracement level at $81.5. Consequently, the prices bounced, and as of writing, the LTC/USD pair trades at approximately $90, testing the May 21 high as resistance.
From a technical perspective, Litecoin’s primary trend is bullish because the prices exceed the 50—and 100-period simple moving averages. That said, the immediate resistance that kept Litecoin from gaining is $90.
If Litecoin buyers close and stabilize the prices above the immediate resistance, a new bullish wave will likely form. In this scenario, Litecoin could aim for the 78.6 Fibonacci level at $99.5.
Please note that the bullish outlook should be invalidated if LTC/USD falls below the 81.5 mark, a critical support area backed by the 100-period SMA.