Litecoin price analysis: LTC/USD still range-bound

Litecoin is dancing in the red just like the other major cryptocurrencies. Having opened the session on Tuesday at $90.40, the digital asset’s value ascended to highs at $91.79 before retracing to the current market value of $89.80.

Although the prevailing trend is bullish according to the live rates table, Litecoin is down 0.65% on the day. Looking at the hourly chart, there has been a formidable correction from yesterday’s support at $84.00. In fact, the price stepped above the moving averages as well as the hurdle at $92.00 hitting highs of $92.93.

Another short-term support has been established at $88.00 with $86.00 standing in line to offer support. At the moment, Litecoin is trading at $89.80 with the immediate upside limited by a confluence created by the 100 Simple Moving Average (SMA) 1-h, 50 SMA and the 100 Exponential Moving Average 1-h.

Technical indicators are in favor of the bulls with upside correction expected in the coming sessions. The Relative Strength Index (RSI) continues to trend upwards hinting growth while the Moving Average Convergence Divergence almost crossing into the positive area indicates growing bullish momentum in the near-term.