Litecoin began its bullish trajectory from the 38.2% Fibonacci retracement level after the bear failed to stabilize the price below it. As of this writing, the cryptocurrency trades at approximately $100, closing above the $99.3.
The primary trend should be considered bullish because LTC prices are above the 50-period simple moving average. That said, the immediate support that divides the bull market from the bear market rests at $90.1, backed by the 100-period SMA and the ascending trendline.
From a technical perspective, the next bullish target could be revisiting the November high at $106. Furthermore, if the buying pressure exceeds $1.06, the bulls’ path to $110.0 could be paved.
Please note that the bull market should be invalidated if bears push Litecoin below the 90.1 mark. If this scenario unfolds, a new bearish wave could emerge, targeting $81.5.