Litecoin Price Analysis: LTC/USD lift-off to $100 in the offing

Litecoin price managed to find support at $68 after the weekend rejection from $84. The downtrend was unstoppable below various resistance levels at $80, $76 and $72. Buyers anxious to buy low entered the market at $68, pulling LTC/USD towards $80.

Unfortunately, the bulls lost their mojo short of $80 and Litecoin price formed a weekly high at $79.15. The region at $76 has been confirmed as key support, while on the upside, the buyers are fighting with the congestion of sellers at both $78 and $80. A boost past $78 is likely to open the gate for more entries and pull the price above $80 towards the yearly highs at $84.

Looking at the Ichimoku cloud indicator, Litecoin is relatively bullish. The price sits comfortably above the cloud, which currently highlights several support areas including $76, $74 and $72. The RSI indicates that sideways action is the most likely trend in the near term. Therefore, Litecoin could stay range bound between $76 and $80 in the coming sessions.

As long as the price stays above the Ichimoku cloud, the bulls need only a minor boost to start believing in the potential of LTC hitting $100 before March.

LTC/USD 1-hour chart