Litecoin price analysis: LTC/USD rangebound with bullish bias

Litecoin, now the 6th largest cryptocurrency with the current market capitalization of $5.6 billion, has been sitting in a tight range limited by $90.00 on the downside and $93.00 on the upside. LTC is mostly unchanged both since this time on Monday and since the beginning of the day. An average daily trading volume is registered at $3.3 billion, with over 50% of the total trading volume coming from cryptocurrency exchange platform P2PB2B. LTC is most actively traded against Bitcoin and USDT.

Litecoin's technical picture

The local support for the coin is created by the above mentioned psychological handle $90.00, strengthened by 23/6% Fibo retracement. Once it is cleared, the sell-off is likely to gain traction with the next focus on  $85.00 (SMA100 4-hour) closely followed by $84.30 (38.2% Fibo retracement). This area is likely to trigger the recovery process as it has stopped the sell-off twice in May.

On the upside, we need to see a sustainable move above $93.00 for the recovery to gain traction. The next resistance awaits the coin at $97.00 ( this barrier is strengthened by May 19 high), while a critical hurdle is seen at $100.00.

LTC/USD, 4-hour chart