Litecoin price analysis: LTC/USD gained 12%, bulls keep tabs on $120.00

Litecoin (LTC) is one of the best performing cryptocurrency with over 12% of gains on a day-on-day basis and over 23.5% in recent seven days. LTC touched an intraday high of $116.24 before retreating to 113.30 by the time of writing. A sustainable move above $100 barrier is an excellent bullish signal that may unleash an upside potential of the coin and push it towards the next aim of $120.00

Looking technically, LTC/USD is well-position for the sharp upside move as long as it stays above $105.00 area strengthened by SMA50 (1-hour) and a tip line of the previous consolidation channel. Once it is cleared, the sell-off may be extended towards the next aim at psychological $100.00 closely followed by SMA100 (1-hour) and the lower boundary of the above-mentioned channel). This support zone is expected to stop the short-term correction and attract new buyers to the market.

On the upside, the first resistance is created at the recent high $116.24. As the market retains the bullish bias, upside momentum might gain traction once the consolidation phase is over. The next target awaits us at $120.00, followed by $128.00 (the highest level of June 2018). This barrier may slow the bulls down and trigger some profit-taking.

LTC/USD, 1-hour chart